…the pharmaceutical companies in Europe have been in difficulties for quite a while now, under the burden of the socialism he favors for the U.S. healthcare industry. According to the industry’s own website, as long ago as 1994, the European Commission Report on Europe’s ailing drug industry said the following:
“Europe as a whole is lagging behind in its ability to generate, organise, and sustain innovation processes that are increasingly expensive and organisationally complex”. The report underlines that the pharmaceutical market in Europe has been negatively affected by significant, excessive and uncoordinated government intervention that stifles competition and discourages innovation. This also creates significant inequity among European patients’ rights to access of medicines.
Socialism fails. Always has. Always will. And the toll in Europe in so many areas is clear. Here’s what socialized medical systems have done to European pharmaceutical research:
# For over 100 years, Europe has been a powerhouse of pharmaceutical progress and innovation. Over the last decade, however, Europe has gradually lost its leadership in the pharmaceutical sector, with a steady transfer of its R&D to the US – where policies and market conditions are more favourable to pharmaceutical innovation.
# Key benchmarking indicators show that between 1990 and 2002, R&D investment in United States rose more than fivefold, while in Europe it only grew 2.5 times.
# In 1990, major European research-based companies spent 73% of their worldwide R&D expenditure on the EU territory. In 1999, they spent only 59% on the EU territory. The USA was the main beneficiary of this transfer of R&D activity.
America is the last refuge for pharmaceutical innovation. And the left wants to kill that off. There’s more evidence of what socialism does to healthcare R&D in Europe: