Innovation does not come cheap, especially in the pharmaceutical industry where the accepted figure for getting a drug from discovery to approval is US$1 billion.

As a result, new therapies arrive with big price tags. And it’s a premium that Europe’s healthcare systems have become less and less able to meet.

“Europe has slipped in terms of its willingness to pay for innovation,” according to Andrew Witty, CEO of GlaxoSmithKline (GSK) plc, speaking at the company’s annual results...

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