UK hints at higher drug prices to ease tensions with pharma
The UK government is signaling that it may raise reimbursement levels for medicines in a bid to restore strained ties with the pharmaceutical sector. Science minister Patrick Vallance told the Financial Times that “all options” are being considered, stressing the need to bring companies back after recent investment freezes.
His remarks follow warnings from several multinationals that the UK has become uncompetitive. Drugmakers including Merck & Co (NYSE: MRK), Eli Lilly (NYSE: LLY), Sanofi (Euronext: SAN) and AstraZeneca (LSE: AZN) have scaled back or delayed projects. The government also launched a £50 million ($61 million) fund to support domestic R&D initiatives.
Health secretary Wes Streeting confirmed that talks with the Association of the British Pharmaceutical Industry remain active, noting that discussions also involve trade issues with the USA. Washington has pressed for lower American drug prices in line with Europe, threatening tariffs as part of a wider negotiation.
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