European drugmakers called for ​beefed-up government spending on medicines, faster trials and IP protections as ‌they sounded warnings on Tuesday that the continent’s pharmaceutical industry risks losing out to the United States and China.

Cash-strapped European governments have been under pressure for some time from lobby groups and ​drugmakers to rethink how they attract, nurture, value and pay for innovative ​medicines to avoid falling behind in an increasingly competitive world.

…