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Abstract
The pharmaceutical industry is one of the most competitive sectors in the European Union. With its substantial investments in Research and Development, this industry represents a key asset for the European economy and a major source of growth and employment. However, despite the importance of the pharmaceutical sector for the European Union, few researchers have attempted to assess the determinants of the EU exports of pharmaceuticals. This thesis aims at filling the aforementioned gap by addressing the following research questions: What drives EU exports of Pharmaceuticals and how to boost this trade? In order to tackle these questions, this thesis has derived hypotheses from the Gravity Model of Trade and the relevant academic literature on pharmaceuticals. Based on a methodology combining both econometric analysis and interviews, the research sheds light on the complex interaction of factors influencing the EU exports of pharmaceuticals. The thesis reveals that the protection of intellectual property in the receiving countries, their economic size, the importance of their health sector, and the quality of infrastructures constitute major drivers to the EU exports of pharmaceuticals. On the contrary, the research shows that transports costs as well as tariff barriers and non-tariff barriers tend to hinder the EU exports of pharmaceuticals. In lights of those results, the research discusses the efficiency of the current initiatives launched at the global and European levels to boost the trade of pharmaceuticals and provides some recommendations in that regard.

INTRODUCTION
The 2013 Competitiveness report of the European Commission entitled “Towards knowledge driven reindustrialisation” highlights some of global issues that the European Union needs to address, namely, the decreasing weight of the EU industry in the world, the loss of competitive advantages in many sectors and the growing EU-USA productivity gap (European Commission, 2013(a), p 13). In lights of those challenges, the report argues that the European Union should find innovative solutions to maintain its position as a major producer of knowledge in key enabling technologies and vital high-tech sectors. Being one of the top performing industries of the European Union, the pharmaceutical sector has a crucial role to play in fostering EU growth and competitiveness. With its substantial investments in Research and Development (R&D) compared to other manufacturing sectors, the pharmaceutical industry represents a key asset to the European Union in an advanced global economy.

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