Bayer boss calls for competitive industry

Arthur J Higgins, chairman of the executive committee of Bayer HealthCare and also of the board of management of Bayer Schering Pharma, has called for fair rewards for medical innovations.

He made his comments in Berlin today, adding that the pharmaceutical industry must continue to be strong competition for the US and emerging markets.

Mr Higgins highlighted that in 2006, the industry spent more than 22 billion euros (?16 billion) researching and developing (R&D) new products.

“Soaring R&D costs due to longer regulatory processes, combined with a downward pressure on prices, are making it harder for many pharmaceutical companies to recoup their R&D expenditure before patents expire,” he claimed.

In related news, earlier this month Bayer pledged to invest one billion euros into R&D ventures connected to climate change between 2008-10.

The company has already begun developing projects designed to help cope with climate change, including stress-tolerant plants and biofuels.