The European Commission's Fifth Framework Programme for Research and Technological Development (1998-2002) has been recently launched. As often the case with new programmes, the time allows for a careful evaluation of the work concluded in the previous programme. This volume, the first in a series on pharmaceuticals, policy and law, takes stock of the experience gathered in the field of pharmaceutical research in the BIOMED 2 programme of the EU Fourth Framework Programme (1994-1998), and attempts an analysis of the needs, opportunities and perspectives in the field from the various points of view of the academia, pharmaceutical industry, regulatory authorities, consumers and patients, including those suffering from rare diseases. The case for a robust system for pharmacovigilance in modern pharmacotherapy and underpinning research is defended.