"We want to see more investment flow to Britain, the chancellor, Rachel Reeves, urged of big pharmaceutical companies this month, as she indicated that the government was willing to increase the price it pays for NHS drugs. Ministers are likely to announce a rethink on pricing soon, potentially by the end of this week. But the size of that rise remains uncertain."
"Caught in the middle are the 163,600 people attempting to navigate a career in biopharmaceuticals, which made annual sales of 98.4bn in 2023-24. The trouble began in September, with a surprise decision by the US pharmaceutical Merck, known as MSD in Europe, to ditch plans for a 1bn research centre in London. The move appeared to cause a domino effect. Nearly 2bn of pharma projects have been scrapped or paused so far this year, threatening more than 1,000 jobs."
"The picture is complicated by geopolitics. Donald Trump has been pressuring Merck and its competitors to lower their US prices, which can be as much as three times higher than those in the UK and the rest of Europe, where nationalised health services often have the upper hand in negotiations. Patrick Vallance, the science minister, has tried to defuse the row. Ministers are thought to have drawn up proposals to raise the amount the NHS pays pharmaceutical firms for medicines by up to 25%."
Rachel Reeves urged major pharmaceutical firms to increase investment in Britain and indicated willingness to raise the price the NHS pays for drugs. Ministers are likely to announce a pricing rethink soon and have reportedly drawn up proposals to increase NHS payments to pharmaceutical firms by up to 25%, which would require additional funding. Merck (MSD) cancelled plans for a 1bn London research centre in September and nearly 2bn of UK pharma projects have been scrapped or paused, threatening over 1,000 jobs. Geopolitical pressure on US drug pricing complicates negotiations and patient groups express concern about long-term damage.
Read at www.theguardian.com
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