Trading in Uncertain Times – Impact of International Reference Pricing on Biopharmaceuticals

Europe has shifted from being a global leader in developing innovative medical treatments to increasingly falling behind. Whilst the United States has long driven investment in new medicines, China has rapidly expanded its life sciences investments and is now competing to lead the development of future therapies.

The pharmaceutical sector is a strategic pillar of Europe’s health, economy and resilience, ensuring access to life-saving medicines whilst driving innovation and growth.

However, in recent years, trade policy has become an increasingly assertive geopolitical instrument. In May 2025, President Trump signed an executive order endorsing the introduction of International Reference Pricing (IRP) for biopharmaceuticals, proposing that US prices be benchmarked against a basket of selected reference countries. This initiative represents a potentially significant shift in global pharmaceutical pricing dynamics, with far-reaching implications for innovation, market access and Europe’s life sciences sector.

Growing uncertainty around tariffs and proposals such as a Most-Favoured-Nation (MFN) pricing mechanism risk undermining Europe’s competitiveness, potentially reducing life sciences investment and risking delays to European patients’ access to new treatments.

The Danish Association of the Pharmaceutical Industry (Lif) and Think Tank EUROPA invite key political and industry stakeholders to discuss these developments at a high-level seminar.

The seminar aims to convene approximately 30 prominent participants to explore how Europe can safeguard and strengthen its life sciences sector as a strategic stronghold in an increasingly uncertain trading environment.