The European Commission and related organizations are striving to attract more clinical trials, which could generate additional funding and job creation in the healthcare sector.
The article highlights the efforts of the European Commission, the European Medicines Agency, and heads of Medicines Regulatory Authorities to attract more clinical trials in the EU. According to a study by Frontier Economics published by EFPIA, attracting an additional clinical trial could benefit 35,000 Europeans with access to new treatments. In addition to improving health outcomes, the EU's healthcare systems and the broader economy stand to gain from an additional 4 billion euros annually, which would help create 18,000 new jobs and prevent 3 million sick days each year.
The research underscores the significant economic value generated by industry-funded clinical trials, which currently produce 35.7 billion euros annually within the European Economic Area (EEA). This economic impact combines 21.7 billion euros from the trials themselves, 3.6 billion euros from research and development benefits, and 10.4 billion euros from improved workforce productivity by preventing a staggering 26.9 million sick days.
The implications of this research are substantial, as it not only highlights the financial benefits tied to clinical trials but emphasizes the potential for improved healthcare access and outcomes across Europe. By successfully attracting these trials, the EU can enhance its research infrastructure, stimulate economic growth, and ultimately provide better healthcare solutions for its citizens.
