UK's Life Sciences at Crossroads: Investment Trends and Challenges
The UK's declining investment in medicines is causing concerns, with major pharmaceutical firms like Merck and AstraZeneca re-evaluating their operations. Science Minister Patrick Vallance highlights issues in the valuation and access to medicines, urging a reversal in spending trends to foster innovation and benefit the NHS.
Britain's science minister, Patrick Vallance, has sounded the alarm on the country's decreasing investment in medicines, urging a reversal of the trend. His remarks come after Merck and AstraZeneca, two major pharmaceutical companies, expressed concerns about the challenging environment by cancelling or pausing significant investments in the UK.
Merck announced it would end research operations in London, and AstraZeneca has halted a £200 million investment in Cambridge. The pharmaceutical industry cites the UK's underinvestment in life sciences, critiquing its drug valuation system known as NICE, and pointing to stalled talks on NHS revenue share as critical issues.
Acknowledging the situation, Vallance, who previously worked at GlaxoSmithKline, told lawmakers that increasing NHS spending on medicines is crucial. Industry leaders like Ben Lucas of MSD and AstraZeneca UK's Tom Keith-Roach echo these concerns, stressing the need for the UK to prioritize innovation and patient access to maintain a thriving pharmaceutical sector.
(With inputs from agencies.)
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