Pharma Summit: Merck’s European president Bruno Strigini highlights importance of innovation

The president of pharma giant Merck & Co’s (NYSE: MRK) operations in Europe and Canada Bruno Strigini spoke about pharma innovation in action at The Economist’s Pharma Summit in London on Thursday.

Mr Strigini said that the pharma industry is adapting to changes such as lower costs demanded by governments and private payers, the demand for real world evidence and the impact health technology assessments (HTAs) have had on the regulatory landscape. He said that as a result of the increase in powers of HTA bodies, such as IQWIG in Germany and NICE in the UK, the market has changed so that a decision in one European country has an impact on all of Europe, and went so far as to add that the power of the HTAs withdraw power from the European Medicines Agency (EMA).

“We can’t launch a drug unless you demonstrate superiority,” he said. “It’s more expensive and takes longer.” As a result, he said that pharma’s growth is more focused as it’s becoming more difficult to get pricing and reimbursement. However, the overall tone of Mr Strigini’s presentation was that of opportunity and positivity. “We’re very proud to work in an industry that is working to help the wellbeing of people,” he concluded.