Europe is a major player to the global cancer research effort, according to the second European Cancer Research Managers Forum (ECRM) study.
The survey shows that Europe and the USA generate similar numbers of cancer research publications.
Per capita, the average spend across Europe is €3.42 (£2.37), a 34 per cent increase since the 2005 survey.
Despite a narrowing of the gap, this remains well short of the US figure of €17.61 (£12.21).
However, the funding chasm narrows when the money in national healthcare and university systems is taken into account.
Professor Sullivan commented: "Contrary to public perception, a phenomenal amount of cancer research is carried out in Europe, evidenced by the huge amount of cancer research papers being published here.
"This is important, as many policy makers assume the global funding for cancer research is overwhelmingly concentrated in the USA. Our data indicate that this is not true and the effort is a truly global one."
The expert pleaded for less bureaucracy, which he claims is crippling research efforts.