The Chancellor has delivered his Budget and Spending Review.
The measures to boost investment in science and research in the UK announced by the Chancellor today will be well received by our members as they look to invest in discovering the medicines and vaccines of the future
In response the Association of the British Pharmaceutical Industry said:
“The Chancellor has used today’s Spending Review to set out how the government plans to deliver on their Life Sciences Vision and make Britain a science superpower.
“Modernising R&D tax credits to include data and cloud computing, and investing in advanced pharmaceutical manufacturing through capital grants, are both welcome moves to boost the attractiveness of the UK and encourage private sector investment.
“Increasing health-specific research to £5bn is a positive signal that the government remains committed to this agenda, despite the delay for when we will reach £22bn a year of public investment in R&D.
“Getting breakthroughs to patients is important, and the pledge to address systemic barriers to the access and uptake of cutting-edge innovations in the NHS, as well as funding for the Life Sciences Vision’s health missions, is another welcome move.
“We still need clarity on how the government will fund institutions like the MHRA and NICE, but the measures to boost investment in science and research in the UK announced by the Chancellor today will be well received by our members as they look to invest in discovering the medicines and vaccines of the future.”
Key headlines for the pharmaceutical industry
- An updated timeline for R&D spending, with a plan to reach £22bn a year by 2026/27, with £20bn being spent a year by 2024/25.
- R&D tax reliefs to be reformed to support modern research methods by expanding qualifying expenditure to include data and cloud costs.
- £5 billion specifically for health-related R&D, by 2024/25.
- This includes £95 million for the Office for Life Sciences for delivery of the government’s Life Sciences Vision, including launching the Prime Minister’s healthcare missions in cancer, obesity and mental health and to address systemic barriers to the access and uptake of cutting-edge innovations in the NHS.
- £354 million for life sciences manufacturing, including medicines, diagnostics, and vaccines, to increase health resilience and create thousands of jobs in our world-leading life sciences industry.