UK pharmaceutical sector ‘risks losing investment to other countries’
The research indicated that UK pharmaceutical investment has underperformed against global trends since 2018.
Pharmaceutical bosses have said research and development (R&D) in the UK sector risks “losing out to other countries” amid concerns over the investment environment.
The warning came as research indicated the UK has lost ground against other countries regarding investment in pharmaceuticals and life sciences.
A study from PwC and the Association of the British Pharmaceutical Industry (ABPI) pointed towards weaker investment in recent years, with a particular fall in foreign funding.
The research indicated UK pharmaceutical investment has underperformed against global trends since 2018.
Latest figures showed that investment in R&D in the sector fell by nearly £100 million in 2023.
It also showed direct foreign investment into UK life science fell by 58% to £795 million from 2017 to 2023.
The data showed the UK ranked second for foreign investment in 2017 and 2021 compared with other countries, but fell to seventh by 2023.
ABPI chief executive Richard Torbett said the Government and industry need to work together to “remove existing barriers” in order to help the sector.
He said: “The UK has a world-class science base and the potential to lead globally in developing the next generation of medicines and vaccines.
“But without a more competitive environment for investment, we risk losing out to other countries making bold moves to attract internationally mobile investment.
“I believe UK has the potential to unlock billions in additional investment in early-stage R&D, ensure patients and the NHS can benefit from access to cutting-edge clinical trials and attract major capital investment in R&D and medicines manufacturing facilities – all of which directly support the government’s health and growth missions.”
AstraZeneca UK president Tom Keith-Roach said: “New and innovative medicines are essential to improving patient outcomes and have huge potential to boost British economic growth and support delivery of the NHS 10 year plan.
“The competitiveness framework underscores the importance of investing in the next generation of medicines and pulling them through to the patients who can benefit.”