Investment Woes Amidst Pharmaceutical Tensions in Britain
Britain's pharmaceutical industry faces challenges as U.S. drugmaker Merck halts its UK research center plans. The life sciences sector is under strain with the exit of major projects amid difficult business conditions exacerbated by U.S. tariff pressures and industry-government pricing disputes.
On Thursday, Britain defended its investment appeal despite Merck's decision to abandon its planned London research hub. The U.S. pharmaceutical giant, known as MSD in Europe, cited a tough business environment and lack of investment in the UK's life sciences sector as contributing factors.
The move by Merck adds to concerns after AstraZeneca withdrew plans for a UK vaccine plant. Amid ensuing tensions over drug pricing, Britain's status as a prime destination for pharmaceutical investments is under scrutiny, as pointed out by an industry lobby group.
The British government is under pressure to enhance conditions for the sector, compounded by U.S. demands for higher spending on American-made pharmaceuticals. Talks between drug companies and the UK government on revenue-sharing have yet to conclude successfully.
Google News