Key Takeaways 1

Introduction 3

Europe’s Biopharmaceuticals Decline: A Cautionary Tale 3

Price Controls 4

Consequences for European Patients 6

Consequences for European Drug R&D and Innovation 7

Other Factors Behind Europe’s Decline 8

U.S. Biopharmaceutical Leadership and Its Foundations 9

Limited Drug Price Regulations 9

Strong Research Institutions 10

Innovative Pharmaceutical Regulation Legislation 10

Robust IP Protection Regime 11

Current U.S. Policy Missteps 12

Drug Price Controls 12

The Inflation Reduction Act 13

Most-Favored Nation Pricing 13

Pharmaceutical Tariffs 14

Proposed Cuts to NIH Funding 15

Bayh-Dole March-In Rights 15

Constructive Policy Alternatives 16

Europe’s Efforts to Reclaim Biopharmaceutical Leadership 17

EU-Level Policies 17

Germany 19

France 20

Ireland 21

The Netherlands 22

Sweden 23

United Kingdom 25

Conclusion 26

Endnotes 27