The Association of the British Pharmaceuticals Industry (ABPI) has welcomed today’s speech from Philip Hammond at Conservative Party Conference, as the Chancellor made two pledges to back the strength and growth of the UK pharmaceuticals sector.
In his speech to delegates in Birmingham, the Chancellor announced a guarantee to bidders whose projects meet UK priorities and value for money criteria, that if they secure multi-year EU funding before Britain leaves the European Union, the UK government will continue to subsidise those projects after Brexit.
The Chancellor also repeated this weekend's commitment that Government will invest £220 million to support the research and development of innovative new technology in the Life Sciences sector.
Responding to the speech Mike Thompson, Chief Executive of the ABPI said:
"Both announcements from Philip Hammond are excellent news and demonstrate that the Government wishes to build on the UK's existing strengths and prioritise the businesses and structures that support British science and innovation. This will not only be important for the economy, but absolutely vital for the NHS and UK patients.
What we hear is a clear signal from Government that the UK remains open for business, and will continue to be a great place for the discovery and development of the medicines and medical technologies of the future.
As the country moves forward and forges a new relationship with the rest of the world, we must to continue to invest in innovation – and the success and stature of the UK pharmaceutical industry is no better example of how that investment can pay off."
ABPI Press Office
9am to 5pm Monday to Friday: +44 (0) 20 7747 7147 or +44 (0) 20 7747 1441
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About the ABPI
The ABPI represents innovative research-based biopharmaceutical companies, large, medium and small, leading an exciting new era of biosciences in the UK.
Our industry, a major contributor to the economy of the UK, brings life-saving and life-enhancing medicines to patients. We represent companies who supply more than 80 per cent of all branded medicines used by the NHS and who are researching and developing the majority of the current medicines pipeline, ensuring that the UK remains at the forefront of helping patients prevent and overcome disease.
Globally our industry is researching and developing more than 7,000 new medicines.
The ABPI is recognised by government as the industry body negotiating on behalf of the branded pharmaceutical industry for statutory consultation requirements including the pricing scheme for medicines in the UK.