Internationalism No. 78-79, August-September 2025 Page 6 From the series Industry and pharmaceuticals The contention in the biopharmaceutical field between the two sides of the Atlantic addresses the issue of costs, in two different ways. In a letter to the Financial Times published on April 23rd, Vas Narasimhan and Paul Hudson, the CEOs of Swiss company Novartis and French company Sanofi respectively, presented a harsh diagnosis of the state of European biopharmaceuticals compared to their major competitors, the United States and China. Narasimhan, an American son of immigrants from Tamil Nadu, and Hudson, a Briton, head two of the world's ten largest pharmaceutical multinationals. The two executives see "a strong outlook for the US – thanks to policies and regulations conducive to fast and broad patient access to innovative medicines". In contrast, Europe, "while home to some of the most important biopharma companies in the world"...