Abstract
Despite the market integration through the Single Market Program and European Monetary Union, and coordination efforts by the European Commission, the pharmaceutical industry in the EU has remained as separate markets in each member nation rather than integrated owing to several distinguished characteristics of the industry and member countries. As a result, there are large price differences across EU member nations. Although there are increasing harmonization efforts by the European Commission, price differences among the five major markets remain high. However, evidence from cardiovascular disease drugs shows that the average price paid for these treatments has been decreasing in recent years for five major pharmaceutical countries.