Widespread Concern Over Europe & #039;s Uncertain Regulatory Future Highlights Region & #039;s Importance
Concern has been mounting about the future of Europeâs regulatory environment for medicines and medical technology, but the growing anxiety isnât limited to Brussels, London or Munich. Companies from Boston to Tel Aviv to Singapore have a lot riding on Europe. For better or worse, the unease being felt around the world is a mark of both how important the healthcare products sector is to Europe and how important Europe is to the global healthcare products sector.
Europeâs Position as Key Hub for Medicine, Healthcare
Europe comprises about 29% of the global medtech market and 22.2% of the global market for pharmaceuticals. It is easily the second largest market in the world for these vital healthcare products after the United States, and is worth more than â¬300 billion (nearly $350 billion). Both European and global life sciences companies have invested significantly in European operations with nearly 2,000 pharma companies and 27,000 medtech companies operating in Europe, employing a total of more than 1.4 million people in the region.1
Factor in the indirect employment these industries generateâestimated to be up to 3 million additional jobs created by pharma aloneâand investment in Europe-based research and development, and we are talking about a significant portion of the European economy, one of the worldâs top three along with the United States&Acir...
Source: MDDI - Category: Medical Devices Authors: Paul Brooks Tags: Regulatory and Compliance Source Type: news
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