The problem [1] with the European pharmaceuticals industry--at least in part--is biotechnology. Or that's what the European Federation of Pharmaceutical Industries and Associations believes. The big trade association says that the slowdown in new drug approvals [2] seen around the world can be directly linked to the biotech revolution. Report [3]
Links:
[1] http://www.fiercebioresearcher.com/story/bleak-market-will-slam-european-research-efforts/2008-05-13
[2] http://www.fiercebiotech.com/special-reports/2007-fda-approvals
[3] http://www.fiercebiotech.com/story/pharma-finds-promise-and-peril-biotech-revolution/2008-07-02