The Council settled on the policy document after holding talks last year that identified the need for a “comprehensive and long-term EU industrial strategy.” The scope of the document extends beyond the regulation of the life sciences industry but includes statements with implications for the oversight of drugs and devices in the EU. In the document, the Council argues companies need a “clear, predictable and non-discriminatory regulatory environment in order to make future-oriented investments,” before going on to advocate for policies that try to reduce the burden oversight places on industry. The Council’s desire to limit oversight stems from a belief “that the reduction of unnecessary regulatory burdens are an indispensable part of any comprehensive effort to support the global competitiveness of EU industry.” To further that goal, the Council wants officials to set goals for the reduction of regulatory burdens. That proposal and others articulated in the strategy have potentially significant implications for the future of the EU, but it will be years before the effects become fully apparent. “What we do now will determine where our economy and society will be in a decade. This underlines the need for us to have a broader, long-term and forward-looking approach,” Emil Karanikolov, the Bulgarian economy minister, said. More Information On RAPS