Financial Times: Europe can no longer independently produce essential drugs

The Financial Times reports on the crisis in the European chemical industry. Due to mass plant closures, the EU has virtually lost the ability to independently produce essential medications, even regular paracetamol.

According to experts, approximately 7% of all production capacity in the region has been closed down over the past three years. The main reason for this decline is the import of cheap, yet high-quality products from China. Asian products are literally displacing local producers from the market.

Beijing, experts note, has stepped up exports to Europe to compensate for declining supplies to the American market. To save the situation, Brussels is resorting to desperate measures: conducting dozens of anti-dumping investigations against Chinese suppliers.