European pharmaceutical industry hopes to encourage innovation and R&D investment
The European federation of pharmaceutical industries (EFPIA) has opened a permanent representation in Japan and is planning further changes in order to promote innovation and encourage research and development (R&D) investment. Improvements in the regulatory environment have led to this opportunity for European companies with innovative new drugs to take advantage of the Japanese market, the world's second largest pharmaceutical market, but more work is needed in the area of R&D and innovation, according to the EFPIA. The federation is hoping to encourage the establishment of an environment that nurtures and rewards innovation while attracting R&D investment. It is believed that the Japanese healthcare reform and subsequent pricing reform could lead to real rewards for innovative medicines, of between 40 and 100 per cent.