"Europe's Access Dilemma" (5/5) - "Germany has a target on its back" What will Europe give up?

Épisode de Pharma Minds par Nathalie Lahitte · 5 octobre 2026 · 28 min

"The worst of all outcomes is the current default: the level of Europe's contribution to the world will be decided by America." – Graham Cookson, Economist

Welcome to the 5th episode of Europe's Access Dilemma, the Pharma Minds mini-series on MFN and access to innovation in Europe. Pay more. Wait longer. Or change the model.

Europe wants three things at once: medicines people can afford, fast access to new drugs, and a strong pharma industry. Is that still possible?

My guest is Graham Cookson, Chief Executive of the Office of Health Economics (OHE) in London. He is an econometrician who works on healthcare efficiency, drug pricing and reimbursement. He starts with Germany, the country at the center of MFN.

What you will learn in this episode:

Germany's trilemma: a big buyer with a budget hole, a big producer of innovation, and a big exporter to the US. That is why it has "a target on its back".

The MFN paradox: why MFN should push US prices down, and why it is really about US revenues.

Something has to give: low prices, the latest drugs and more investment are not compatible in the short run.

The UK deal: paying more for medicines in exchange for tariff relief and investment.

No single European price: what a "NATO-style" agreement could look like instead.

The hidden trade-offs: why the worst outcome is letting America decide what Europe pays.

Health as an investment: why Europe can act as 27 nations, or as one bloc.

Listen to this episode for a European economist's view of pharma's big picture today: which ways out Europe still has, and what each one will cost.

Ressources:

📌 "FOIA Documents: Trump-Pharma MFN Drug Pricing Deals":

https://www.citizen.org/article/foia-documents-trump-pharma-mfn-drug-pricing-deals/

📌 Office of Health Economics (OHE): https://www.ohe.org

📖 Read Graham's article: Germany's drug-pricing dilemma: Why Europe's pivotal market holds the key to the MFN debate (OHE, June 2026)

https://www.ohe.org/insights/germanys-drug-pricing-dilemma-why-europes-pivotal-market-holds-the-key-to-the-mfn-debate/

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Bienvenue dans Pharma minds, le podcast qui vous emmène dans une aventure captivante à travers la Pharma et la Santé d'aujourd'hui ! Je suis votre hôte, Nathalie Lahitte. Mon objectif ? Découvrir comment des personnalités influentes ont contribué à façonner ce secteur. À chaque épisode, nous…

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