France to push for drug price control regulations at upcoming G7 summit
France will urge its fellow G7 partners to introduce strict and final new limits to control the prices of new medicines across the world.
Sources told Reuters that the move is part of a global drive to allow patients access to medicines without the associated spiralling costs.
President Francois Hollande is expected to raise the proposal at the upcoming meeting of G7 leaders in Ise-Shima, Japan on May 26-27. The international regulation of drug prices will be worked on further in Kobe in September, where pharmaceutical companies themselves may get involved in the negotiations.
The group, consisting of Canada, Germany, Italy, Japan, the US, the UK and France are among the highest purchasers and consumers of pharmaceutical products across the world and any coordinated move to limit the prices of new medicines would have benefits within those nations themselves, and beyond.
A source reputedly close to Hollande says: “We need to initiate this process with firmness, and the president wants it to be irreversible.”
Any breakthrough is not expected on the issue in the near future, as initial talks have just begun. Governments across the G7, however may find that the idea of such regulations to be a hard sell on indigenous pharmaceutical companies.
Although, the pharma industry, itself, has recognised the need to address the issues surrounding high prices. In late March, GSK announced steps to limit the enforcement of their patents in the developing world in an effort to boost market access.
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