Europe didn’t fall behind by accident

May 2026 · Regulatory landscape

The FDA just proved that Brussels doesn’t understand where drug development is going.

This week, the U.S. Food and Drug Administration started moving toward real-time clinical trials — continuous data, continuous signal, less dependence on rigid phase gates. The announcement is worth reading in full.

Meanwhile, Europe is bleeding. Over the last decade, the EU’s share of global clinical investment and trials collapsed from 22% down to 12%.

Europe’s answer to this crisis? The EU Biotech Act. Application: ~2028.

The strategy: save European innovation by shaving a couple of weeks off regulatory approval.

Shaving weeks off a legacy model that the rest of the world is abandoning isn’t a strategy. It’s a disaster.

But it could not have been otherwise. The people tasked with putting innovation back into Europe are the same people who have never produced any.

You cannot ask the brake to accelerate the car.

And even if the brake miraculously learned to accelerate, it still wouldn’t matter. Because the real bottleneck isn’t approval. It’s access.

You can run the fastest trials in the world. It doesn’t help if you then hit:

  • 27 HTA bodies
  • Budget-capped systems
  • QALY thresholds that punish marginal gains
  • Zero tolerance for uncertainty

That’s where European innovation goes to die.

Sponsors see it. Capital sees it. Protocols move accordingly. That’s why European companies run frontier trials in the US and not in Europe.

Call it what it is: Europe didn’t fall behind by accident. It designed a system that makes falling behind inevitable.

Evidence decisions made during development are reviewed years later by HTA bodies and payers who were not consulted at the time.

For programmes where the architecture can still be shaped, or dossiers with unresolved payer risk, thirty minutes is usually enough to clarify fit and where I would have most leverage.

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