Pfizer and MSD, major pharmaceutical companies with significant operations in Ireland, directly lobbied Taoiseach Micheál Martin to oppose proposed EU reforms to pharmaceutical regulations. These reforms aim to reduce the exclusivity period for new drugs, allowing cheaper generic versions to enter the market sooner.
The EU's proposed reforms seek to shorten the current eight-year exclusivity period, aiming to improve access to medicines in less affluent EU states. Pharmaceutical companies strongly oppose this, arguing it could harm EU competitiveness and the Irish economy, which heavily relies on the sector.
Pfizer and MSD presented arguments that maintaining the status quo is vital for innovation and closing the innovation gap with other global regions. The Irish government expressed awareness of the importance of a competitive pharmaceutical industry within the EU, indicating that the final outcome of the negotiations would support industry growth and stability.
This lobbying campaign occurs amidst other challenges faced by the pharmaceutical industry, including potential disruptive US tariffs on pharma products. EU states are expected to vote on the regulations potentially in June, with ongoing negotiations suggesting a compromise to address industry concerns. The outcome will have significant implications for the Irish economy and the European pharmaceutical sector.