Based in Amsterdam, the European Medicines Agency (EMA) produced their annual 2018 report making it available to the public today (see source link below). EMA is a European Union (EU) agency for the evaluation and supervision of medicinal products. EMA was set up in 1995 with funding from the EU and the pharmaceutical industry as well as an indirect subsidy from member states, in an attempt to harmonize (but not replace) the work of existing national medicine regulatory bodies in Europe.
This plan would potentially reduce the costs drug companies incurred having to win separate approvals from each member state and also to reduce or eliminate protectionist policies within the region. Presently, the EU is the source of about one-third of the new drugs brought onto the world market annually.