Israel Trade & Economic Office, Embassy of Israel

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Europe’s doors open to Israeli pharmaceutical companies

The European Parliament has just ratified an AACA agreement which basically means Israeli pharmaceutical products can now be marketed without delay or further inspection in Europe.

This important development and announcement by the European Parliment was covered by our Belgian and UK blogs.

Under the new agreement, EU-certified pharmaceuticals will be exported to Israel and vice-versa without requiring additional certification in the importing country, under a deal endorsed by the European Parliament today.

After more than two years of extensive debate, MEPs approved the mutual recognition deal with 379 votes in favour 230 against and 41 abstentions.

The EU-Israel agreement on mutual recognition of pharmaceutical certificates will remove technical barriers to trade, cut manufacturers’ costs and enable them to get their products to market faster. For European consumers, it will mean lower prices and a wider range of generic products.

The agreement will apply to all pharmaceuticals except for advanced therapy products, special medicinal products based on tissues and cells of human origin, and medicinal products that include blood products.

Writing recently in the Jewish Chronicle, Marina Yannakoudakis, Conservative MEP for London and her party’s spokesman on health in the European Parliament, explains why it is time for the EU to trade freely with Israel:

“EU member countries are facing rising healthcare costs. Factors such as the over-prescription of drugs and an ageing population make it essential to seek savings. Israel, despite its small size, is at the forefront of major medical innovations.”

The EU has mutual recognition agreements in place in this field with Australia, New Zealand, Japan and Switzerland, and is seeking to negotiate similar ones with most Mediterranean countries, including Algeria, Egypt, Jordan, Lebanon, Morocco and Tunisia.

For the European Parliment announcement click here.

For the full article in our UK blog click here.

For the full post in the Belgium blog click here.