20 Mar 2013 Posted in ABPI statement By Press Office
“The contribution that the UK pharmaceutical industry makes is absolutely crucial to future economic growth. The UK is already a major centre of R&D in the global biopharmaceutical sector. We continue to outstrip all other industries in terms of R&D expenditure and spend more than £13m every day on research1. Our industry employs around 67,000 people directly in the UK – around a third of these are in highly skilled innovative R&D jobs2. Each employee in the industry contributes, on average, £215,000 per year to the UK’s GDP3 and the industry generates a trade surplus of £5.4bn for the UK every year.
“The UK is in a tough global race to attract investment and compete with other economies across the world. Investment is highly mobile and one of the key planks of the Government’s growth plan is to make sure that the UK is one of the best places in the world for the life sciences industry to invest in and operate. We were pleased therefore to hear that the rate of corporation tax is to be reduced further and that the ‘above the line’ R&D tax credit will be increased to 10 per cent.
“But we need to recognise that the business environment in the UK is very challenging. The UK continues to lag behind in the adoption of new medicines compared to many other European countries and the UK’s global share of clinical trials has fallen in recent years. The pharmaceutical industry in the UK is now at a crucial moment and we must reverse these trends if we are serious about maintaining the UK’s position.
“The industry stands ready to be an engine for economic recovery, but our message is simple: where such engines exist, they should not be starved of the fuel required to power growth. The UK needs to ensure that innovative medicines are reimbursed at a fair price and used rapidly and consistently throughout the NHS.”
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