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One indication of the impact the falling Euro has had on biopharma is the rising unpaid debt owed by European governments to the industry, which climbed more than 50% just from November to February. Several biopharma giants also saw sales slumps and attribute it to the Euro or trends stemming from the Euro’s slide. GlaxoSmithKline, for example, blamed European pricing pressure for a 5% (£320 million or about $500 million) decline in regional sales during 2011; it expects a similar impact in 2012. The Euro slide has caused Germany to tighten its rules governing pricing of new drugs. The result of the Euro’s woes on biopharma can be seen most in the currency’s home continent. Will it extend to the U.S.?