EFPIA meaning in Business ?

Answer:

What is European Federation of Pharmaceutical Industries and Associations mean?

The European Federation of Pharmaceutical Industries and Associations (EFPIA) is a Brussels-based trade association and lobbying organisation, founded in 1978 and representing the research-based pharmaceutical industry operating in Europe.

Through its membership of 36 national associations and 39 leading pharmaceutical companies, EFPIA represents 1,900 EU companies in the areas of researching, developing and manufacturing new medical treatments.

Figures published in 2008 by the European Commission (Eurostat) show that the pharmaceutical industry is the industrial sector which invests most in research & development (R&D). In 2011, it invested an estimated €27,500 million in R&D in Europe. It directly employed 660,000 people and generated three to four times more employment indirectly (upstream and downstream).

The key contribution of the research-based pharmaceutical industry to medical progress is to turn fundamental research intoinnovative treatments that are widely available and accessible to patients, with the goal of helping people live longer and be healthier. High blood pressure and cardiovascular disease can be controlled with anti-hypertensive medicines and cholesterol-lowering medicines, knee or hip replacements prevent patients from immobility, and some cancers can be controlled or even cured thanks to newer targeted medicines. Yet there remain huge challenges in many disease areas such as Alzheimer, multiple sclerosis, many cancers and orphan diseases.

EFPIA also includes two specialised groups focusing on vaccines and biotechnology respectively:

Vaccines Europe (EV) produce approximately 80% of vaccines used worldwide.European Biopharmaceutical Enterprises (EBE) harness biotechnology to develop approximately one-fifth of new medicines. reference nan