Skip to main content

EU will adopt new patent laws.

 

pills
Eli Lilly's CEO, David Ricks, has spoken out against the EU's plans to reduce pharmaceutical patent protection. Ricks argues that this move would harm innovation and could lead to fewer new treatments being developed. He also warned that it could result in job losses and hinder economic growth. The EU is considering reducing the time drugmakers can hold patents on their products from 20 years to just 10 to increase competition and reduce healthcare costs. However, critics argue that this would discourage investment in research and development, as companies would be less likely to invest in expensive trials if their products were only protected for a shorter period. Ricks urged policymakers to consider the long-term consequences of such a move before making any decisions.

In response to Ricks' comments, some experts have pointed out that reducing patent protection could lead to more innovation in the long run. They argue that by making it easier for generic drug manufacturers to produce cheaper versions of existing drugs, patients would have greater access to treatment, and pharmaceutical companies would be forced to focus on developing new and innovative therapies to stay competitive. Additionally, some have suggested that alternative funding models, such as government grants or non-profit organizations, could help fill the gap left by reduced private investment in research and development. Despite these arguments, it remains a contentious issue with no consensus on the best approach.


Comments

Cloud Bookkeeping

US FED rate rise.

  The US Federal Reserve officials have indicated that they plan to resume increasing interest rates to control inflation in the world's biggest economy. During the June meeting, the Federal Open Market Committee reached a consensus to keep interest rates stable for the time being to evaluate whether further tightening of policy would be necessary. However, the majority of the committee anticipates that additional rate increases will be required in the future. The minutes of the meeting have recently been made public. According to the minutes, most participants believed maintaining the federal funds rate at 5 to 5.25 per cent was appropriate or acceptable, despite some individuals wanting to raise the acceleration due to slow progress in cooling inflation. Although Fed forecasts predicted a mild recession starting later in the year, policymakers faced challenges in interpreting data that showed a tight job market and only slight improvements in inflation. Additionally, officials gr...

India- UK trade deal.

  According to India's top trade official, talks with the UK regarding a trade agreement are progressing well, despite obstacles related to temporary work visas and the opening up industries like automotive and spirits. The Commerce and Industry Minister, Piyush Goyal, explained that India is seeking transition periods or greater market access in specific sectors due to its economy, which is slightly larger than the UK's and expected to outgrow it in the coming decades. If a trade deal is reached, it would be one of the most significant agreements for Britain since leaving the EU, and it would also be necessary for India, which surpassed the UK as the fifth-largest economy last year. Goyal stated that India aims to increase its economy from $3.5tn to $35tn by 2047, the country's centenary of independence. According to officials and diplomats in India, talks about a proposed trade deal may be finished by early September, just in time for the G20 summit in New Delhi. Nigel Hu...

EU business slide.

  S&P Global’s flash eurozone composite purchasing managers’ index, a key gauge of business conditions for the manufacturing and services sector, fell 1 point to 47.1, figures showed yesterday. That is its lowest level since November 2020 and the fourth consecutive month below the crucial 50 mark separating growth from contraction. One of the few bright spots in the survey was that companies in all sectors reported a slight easing of cost pressures, price growth and supply chain constraints. However, prices charged for goods and services still rose at the sixth fastest rate since such data started in 2002. Jobs growth increased marginally from October but remained low compared with the past 18 months. Following a few months of falling price pressure in manufacturing and services, the October print shows an overall stabilisation said Jens Eisenschmidt, chief European economist at Morgan Stanley. However, German businesses, at the hub of Europe’s energy crisis, reported that manu...