“The UK pharmaceutical industry is key to the future economic prosperity of our country, generating a trade surplus of £7 billion every year and providing directly highly-skilled jobs for 72,000 people. Measures aimed at providing the right environment for our industry to thrive, play an important part of our success and so we are pleased that Government is continuing its support of Life Sciences.
“Specifically, extending research and development tax credits to larger firms will encourage pharmaceutical companies to further invest in their own business and in new medicines. A range of tax measures such as low-interest loans to small and medium-sized firms and confirming the rate of corporation tax is to be lowered, will improve the general business environment in which our members operate.
“Building on today’s announcement, we are expecting a range of further measures to support the Life Sciences sector to be announced shortly. It is important these upcoming proposals deliver the reforms that our sector needs if, as is the Chancellor’s ambition, the pharmaceutical industry is be a long term driver of economic growth in the UK.”
ABPI Press Office
Tel: +44 (0) 20 7747 1410 or +44 (0) 20 7747 1441
Mobile: +44 (0) 7808 641810 or +44 (0) 7850 312064
About the ABPI
We represent innovative research-based biopharmaceutical companies, both large and small, leading an exciting new era of biosciences in the UK.
Our industry, a major contributor to the economy of the UK, brings life-saving and life-enhancing medicines to patients. Our members supply 90 per cent of all medicines used by the NHS, and are researching and developing 90 per cent of the current medicines pipeline, ensuring that the UK remains at the forefront of helping patients prevent and overcome diseases.
We are the Government recognised body negotiating the pricing of branded medicines on behalf of the entire industry. Working with our Research Affiliate Members, we promote the UK as a destination of choice for international life sciences investment.