Health check for a competitive medical technology sector in Europe

Europe is ramping up efforts to secure its place in the global economy, sharpening its focus on competitiveness as highlighted in the recent Draghi Report. The report sounds an alarm on the urgent need for Europe to reduce its dependency on foreign suppliers, untangle regulatory hurdles, and foster a high-value, innovation-driven economy capable of competing globally.

Central to this push is the European Commission’s Strategy for European Life Sciences, a policy framework championed by Commission President Ursula von der Leyen. It aims to drive innovation, promote green and digital transitions, and build resilience within Europe’s life sciences and healthcare sectors. The strategy envisions reshaping Europe into a competitive powerhouse in critical tech and healthcare industries by enhancing regulatory coherence and streamlining processes, which are crucial for attracting investment and fostering growth.

A closer look at Europe’s MedTech industry highlights the stakes of this policy overhaul. Employing nearly one million people and filing over 15,900 patents last year, the MedTech sector is a high-value driver of economic growth and innovation, yet it faces significant regulatory challenges. While the Medical Devices Regulation (MDR) was crafted to ensure safety and quality, industry leaders argue that its rules are complex, costly, and inconsistently applied. These issues, combined with sometimes conflicting requirements under other legislations, have slowed the market entry of new products. This case underscores the importance of streamlining regulatory processes under the Strategy for European Life Sciences to enhance the competitiveness of the European Union.

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PHOTO CREDIT: Shutterstock| UladzimirZuyeu