Europe’s healthcare sector is suffering from an increasing workforce shortage, the growing need for care of a rapidly ageing population, stagnating healthcare budgets and the increasing cost of new very expensive treatments. All these factors are threatening the sustainability and equity of the European healthcare model. In addition, the COVID-19 pandemic has shown that healthcare systems worldwide and in Europe, are ill-prepared for major health emergencies. This lack of preparedness will substantially increase the health and adverse economic impacts of possible future emergencies such as pandemics, war, or climate change. Despite healthcare being a national competence in the EU, the cross-border nature of these challenges warrants an EU-wide approach and collaboration. This is reinforced by the urgency of finding solutions, with many health reforms taking anywhere between 10-30 years to reach their full impact.