Stephen Whitehead, Chief Executive of the ABPI, said:
"The measures announced in the Budget statement will help improve the UK’s general business environment and allow pharmaceutical companies operating here to remain competitive in a global market. Specifically, moves towards a more competitive tax regime, including a further reduction of corporation tax so that the UK has among the lowest rates in Europe, are welcome.
"Our industry is of huge importance to the UK economy, generating a trade surplus of £7bn every year and employing 67,000 people directly. The government has long recognised our contribution and we appreciate their ongoing support with initiatives like the patent box and the more recent measures announced in the Strategy for UK Life Sciences and the Innovation, Health and Wealth review of innovation in the NHS.
"Looking beyond the Budget, it is essential that recognition is given to the importance of a strong commercial environment for industry, where the uptake of new innovative medicines is ensured and pricing rewards innovation.
ABPI Press Office
Tel: +44 (0) 20 7747 1410 or +44 (0) 20 7747 1441
Mobile: +44 (0) 7850 312064 or +44 (0) 7808 641811
Notes to Editors
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.