Its proposed "roadmap for change towards outcomes-based reward systems" will be discussed by the board of the European Federation of Pharmaceutical Industries and Associations Efpia on June 16, which groups the world's top drugmakers and national trade associations.
The concept of drug pricing based on clinical results has been gaining ground for some years and has the support of several leading industry figures, including Novartis Chief Executive Joe Jimenez, the current president of Efpia.
Europe already has some ad hoc results-based pricing agreements.
Britain, for example, agreed a deal with Johnson & Johnson a decade ago whereby the health service only pays for multiple myeloma drug Velcade in patients who respond after four treatment cycles.
Drug pricing is a hot topic worldwide, as advances in medical science come at an increasingly high cost.
There are likely to be plenty of battles ahead, especially as the industry is looking for a trade-off in the form of relief from market mechanisms that weigh on drug prices in Europe.