EFPIA is among the twenty-six industry associations that have signed a document calling on the European Commission to deepen the EU Single Market. A target deemed fundamental in order to better face competition from countries such as the US and China. According to the document, current actions focused on mapping strategic dependencies, anticipating vulnerabilities, beefing up autonomy, and de-risking should be balanced with the promotion of a frictionless trade within the EU.

The goal should be addressed by the systematic enforcement of Single Market rules and the full harmonisation of the regulatory framework in key areas. Nevertheless, there are still many obstacles to overcome, which have been reported by the industry associations in the updated version of their Compendium on Single Market Obstacles. The fragmented European market is less attractive for companies to invest and scale up rapidly in the EU. The statement calls European institutions to make the development of a simplified, and harmonised regulatory framework across the 27 EU Member States a priority for political action up to 2030. 

Source: EFPIA