UK pharma "worth L1B" net to national economy
The UK's Office of Health Economics, a research consultancy which is part of the Association of the British Pharmaceutical Industry, has published a report on behalf of the British Pharma Group which claims that the net value to the UK economy of the BPG is in excess of L1.0 billion ($1.95 billion) per year more than any other industry. The BPG comprises the two largest UK-headquartered drugmakers: GlaxoSmithKline and AstraZeneca.
The OHE produced its estimate by evaluating the economic rent of various UK industrial sectors. This means that the net loss to the UK economy if a specific sector were to leave the UK economy, even if the labor and capital employed by the BPG were absorbed by other sectors.
The economic rent for the BPG was estimated by the OHE at L2.48 billion, with an additional L600.0 million if the effect on the balance of international trade is taken into account.
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