Europe could benefit from greater pharmaceutical investment
Pharmaceutical companies across Europe could be in a position to hire more experienced scientists and analysts in the near future.
Earlier this year, an agreement was struck as part of the European Union's (EU's) Horizon 2020 scheme that will see €70 billion invested in research over the next seven years - the programme is due to get underway on January 1st 2014.
Research and development (R&D) departments throughout the EU are now waiting to see exactly how the funding will be distributed.
The European Federation of Pharmaceutical Industries and Associations - the biggest drugs association in Europe - is already seeking considerable investment for the latest version of its Innovative Medicines Initiative (IMI), a public-private partnership with the EU that focuses on early-stage collaborative research.
IMI recently got its 9th Call for proposals underway and it has a total budget of €135 million. The Call will cover a number of topics, including potential new treatments that will prevent or delay frailty and muscle loss in the elderly, as well as a new business model for antibiotic resistance.
Earlier this year, the European Alliance for Personalized Medicine held a conference on the topic of Horizon 2020, as it seeks to make a case for greater funding.
The EU has also agreed in principle to a major pharmaceutical trade agreement with Canada, which has the potential to lead to even further investment in drug R&D.
Details of the deal are still being guarded closely, but the Canadian government believes the arrangement could increase trade between the two by 20 per cent.
Canadian Prime Minister Stephen Harper told the Canadian Press: "This is a big deal; this is the biggest deal Canada has ever made. Indeed, it is a historical achievement."
There have been suggestions the agreement could force the price of certain pharmaceutical products upwards, although these rises are expected to be modest and will not be seen for around a decade.
With the promise of so much fresh investment and new trade deals being signed, these are exciting times for pharmaceutical specialists in Europe.