New Government figures show that the pharmaceutical industry is one of the country's most innovative, the Association of the British Pharmaceutical Industry (ABPI) said today.
The statistics show that the UK-based pharmaceutical industry is by far and away the highest investor in terms of research and development - carrying out nearly a quarter of all business R&D in the UK, and spending more than a fifth of its turnover on R&D.
"These figures again show just what an innovative industry we are," said Dr Trevor Jones, Director General of the ABPI.
"We spend nearly £9 million every day in researching and developing modern medicines to help those with disease, and this amount has grown steadily over the years.
"One of the Government's key objectives is, rightly, to encourage innovation in the UK which the Prime Minister has stated to be vital to the country's future prosperity. It is good news to be able to point to the pharmaceutical industry's track record in this area - a record that is second to none."
The Government report, Competing in the global economy: the innovation challenge, points out that pharmaceuticals is one of the few industry sectors that have grown faster than the economy as a whole.
It adds that the pharmaceutical industry is one of the areas in which the UK leads the world in innovation.
For further information, please contact: ABPI Press Office 020 7747 1410