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Sunday 26 May 2019
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Big pharma warns of mass exodus

The Government's decision to renegotiate its drug pricing mechanism with the pharmaceutical industry midway through the current five-year deal has been criticised by the Association of the British Pharmaceutical Industry (ABPI).

The ABPI said the decision could result in pharma firms relocating away from the UK.

The group said while the move may save the NHS up to £1bn from its annual drugs bill, the changes within the industry of a mass move away from the UK would be disastrous for the sector.

Many pharma companies believe that the new pricing policy may hurt their interests if the drug regulators take cheaper generic drug prices as a reference.

While Shire plans to move its corporate HQ to Ireland for tax purposes, AstraZeneca and are thought to have  a similar move under consideration.

Nigel Brooksby, outgoing ABPI president, said: "We are committed to working with the government to retain leadership in the UK, provide value for money, encourage and reward innovation, assist in the uptake of new medicines and help restore industry confidence through predictability, stability and sustainability."

Copyright © PA Business 2008

Association of the British Pharmaceutical Industry

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