The European Commission (EC) has released its report Competition Enforcement in the Pharmaceutical Sector (2009-2017). Eight years in the making, the report reveals the effect of the Commission’s efforts in enforcing competition law.
The report examines how the EC has been able to drive down the prices of pharmaceuticals, with its competition law practices encouraging the use of biosimilars. The report explains:
“Biological medicines are among the most expensive therapies and their uptake is steadily increasing, with global annual sales worth billions of euros. With every additional biosimilar entry price competition is strengthened and prices are further reduced. Therefore, competition from biosimilars can generate large savings in our healthcare systems, while enabling more patients to benefit from cheaper biological therapies.”
Around 100 cases were brought to court investigating companies of anti-competitive practices during the last ten years. Twenty-nine decisions led to fines against the companies which totalled more than €1 billion.