Stephen Whitehead added:
"The life sciences industry here is a world leader and this event was a great success – showcasing to an international audience the pre-eminent science base we have to develop new medicines and life-saving treatments. The Government's continued support for industry is highly valued and a range of initiatives such as the Patent Box have persuaded companies to research and develop ideas here in the UK. The Prime Minister was also right to acknowledge the tremendous work of the NHS and the great opportunity it presents life sciences to use patient records to further medical research."
Commenting on value-based pricing, Stephen Whitehead said:
“Whilst we support a broader definition of value for the assessment of medicines, we are not convinced that value-based pricing will encourage innovation or reward the most effective medicines. In fact, we are concerned that value-based pricing could in fact stifle innovation because it will struggle to accurately reflect the inherent gradual and incremental nature of innovation. Similarly, we are unclear if value-based pricing will be able to provide the pharmaceutical industry with sufficient reward to allow for further investment in the research and development of new medicines.
“Given that our medicines are amongst the lowest priced in Europe, we believe promoting innovation would be better served by developing a pricing scheme that is flexible, holistic, negotiated in a single agreement and which rewards the discovery of new medicines.”
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Notes to editor
The ABPI represents innovative research-based biopharmaceutical companies, large, medium 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 over two-thirds of the current medicines pipeline, ensuring that the UK remains at the forefront of helping patients prevent and overcome diseases.
The ABPI is recognised by government as the industry body negotiating on behalf of the branded pharmaceutical industry, for statutory consultation requirements including the pricing scheme for medicines in the UK.