European drugmakers say they are ‘losing ground’ to US and Chinese rivals

Some of Europe’s biggest pharmaceutical companies have said the continent is “losing ground” to rivals including the US and China in developing new drugs and attracting investment.

The chairs of nine companies, including Britain’s AstraZeneca, GSK and Denmark’s Novo Nordisk, wrote to Andy Burnham and the national leaders of other European countries on Tuesday to call for action to “safeguard our companies’ future”.