During a recent meeting with the European Commission, these companies warned that the imposition of U.S. tariffs could accelerate the industry's shift from Europe to the United States, the largest market for pharmaceutical sales.

In their letter, the pharmaceutical firms also requested that the EU simplify regulatory processes, particularly regarding multi-country clinical trials for drug approvals.

Nearly 30 global pharmaceutical companies, including industry giants like Pfizer, Eli Lilly, and AstraZeneca, have reached out to European Commission President Ursula von der Leyen for assistance in maintaining their operations in the EU.

This plea comes in the wake of U.S. President Donald Trump's announcement of impending tariffs on imported pharmaceuticals, which has raised significant concerns among European pharmaceutical firms.

The companies pointed out the cost disadvantages they face in Europe, where drug prices are generally lower than in the U.S., with some medications costing twice as much in America compared to countries like France.

For the past decade, the pharmaceutical industry has absorbed rising costs associated with innovative medicines without passing these expenses onto consumers.

Recent statistics have shown that Irish exports of medical and pharmaceutical products surged significantly, underscoring the importance of the sector to the Irish economy.

In 2023, EU medical and pharmaceutical product exports to the U.S. reached approximately 90 billion euros, reflecting the deep interconnectedness of supply chains between the two regions.

The industry's warning highlights the risk of investment reallocating to the U.S. market if swift and significant policy changes do not occur in Europe.

Additionally, they expressed concerns over a new fee related to treating wastewater from micropollutants, arguing that it adds to their financial burdens.

The European Federation of Pharmaceutical Industries and Associations (EFPIA) has emphasized the need for 'radical policy changes' in Europe to prevent capital flight to the U.S.

The companies expressed their hope to collaborate with the EU in the coming weeks to implement proposals that they believe would benefit both European patients and economic growth.