In response to comments made about the pharmaceutical industry in Jeremy Corbyn's Labour Party campaign launch speech, the ABPI has issued the following statement.
"The pharmaceutical industry invests more than £88 billion a year into research and development in order to bring new medicines and vaccines to patients to fight disease. These new medicines include treatments for diabetes, cancer and cures for Hepatitis C, transforming the lives of patients and their families. In the UK this equates to £4.1 billion per year of investment in R&D, with the MRC also contributing £770 million and research charities £1.3 billion. Clearly the taxpayer could not replace the world-wide investment made by industry in researching new medicines. Collaboration between industry researchers, academics and clinicians in the development of medicines for patient benefit is hugely important.
"We agree that we need sustainable financial solutions for the NHS. Medicines represent only around 10% of NHS spend and in the UK our health service is amazingly efficient at using cheaper generic medicines. However, it's vital that patients get the most appropriate treatment, guided by their doctor. Our industry is working alongside the NHS to support patients' access to new medicines - and a sustainable health service - by getting the right medicine to the right patient at the right time. As part of this the pharmaceutical industry in the UK agreed a deal in 2014 to limit the spend on new medicines. If the NHS spends more than expected, companies pay the money back. So far our industry has paid £1.3billion to help the NHS and patients.
"We would be very happy to meet Mr Corbyn to discuss his concerns and tell him more about our work and the value that we bring to UK patients and the UK economy."