The pharmaceutical industry is a key partner in Europe’s fight against disease, developing new treatments and cures for patients across Europe. It is imperative that Europe remains a competitive destination for medical research and development by maintaining, sustaining and developing a predictable, robust regulatory and innovation-supportive incentives environment.

The rapid spread of COVID-19 has led to uncertainty and loss of confidence unseen since 2008. The market volatility has also risen extremely fast to a level unseen over the last decade. Even against this unfavorable environment, there are sectors that have taken a disproportionate hit, including tourism, passenger transportation, airlines, hotels — practically everything that has a built-in key cross-border dimension.