Pfizer Inc. (PFE) Says Europe Undermining Drug Innovation
3/13/2012 7:40:04 AM
Europe is undermining drug innovation by cutting prices, raising barriers to new medicines and freeloading" off others in Asia and the United States who are more willing to pay, the boss of Pfizer, the world's largest drugmaker, said. European governments are sacrificing the long-term future of science in their countries for the sake of short-term budget cuts, chief executive Ian Read told Reuters on Monday. There is a disconnect in Europe between the marketplace for pharmaceuticals and the desire of European governments to have innovation and research," he said in an interview. Europe is not paying its fair share of innovation."
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