European Expansion
What is the right strategy?
How to navigate the complexity of multiple European markets?
What is the impact on global pricing?
There are two principal options (1) to partner with an existing company, ideally in the disease area and in need for a new launch product or (2) establish own operations to remain in full control of the asset and expected profitability. Future launches of pipeline indications and other assets play an important role in this decision.
Expanding a biotech asset into Europe in 2026 requires a fundamentally different mindset than it did five years ago.
Between the US IRA putting pressure on global margins and the EU HTA Regulation harmonizing clinical assessments, the margin for error in launch sequencing has vanished.
The complexity isn't just in the 27 different health systems; it's in the interconnectedness of their pricing decisions. A price set in Bucharest can now ripple through to decisions in Beijing or Brasília via International Reference Pricing (IRP) and may even affect the US price.
The key strategic shift?
Moving from a "Launch & Learn" approach to a "Predict & Preserve" model. We must integrate Medical Affairs, HEOR, and Commercial at Phase II—not Phase III—to anticipate the diverse PICO requirements of European payers before the trial protocols are even finalized.
Europe remains a critical engine for growth, but only for those who respect its new complexity.
How is your team preparing for the JCA rollout?
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