Cypriot Presidency and European Parliament reach agreement on Critical Medicines Act

The Cypriot Presidency of the Council of the European Union and the European Parliament have finalized a preliminary agreement regarding the Critical Medicines Act. This legislation aims to establish a comprehensive framework for preventing and managing shortages of essential pharmaceutical products across all member states. Key provisions include measures to bolster production within the European Union to reduce dependency on third-party countries. The agreement facilitates collective procurement strategies among member states to increase bargaining power and secure supply chains. Furthermore, the act promotes investments in the manufacturing of active pharmaceutical ingredients. The objective is to enhance the strategic autonomy of the EU and improve equitable patient access to necessary treatments. This deal marks a significant step in the development of the European Health Union.