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The recent stir in the pharmaceutical industry has prompted discussions about the need for the NHS to increase the prices it pays for medicines. Science minister Patrick Vallance addressed concerns about pharmaceutical investment leaving the UK, following announcements from major drug companies suspending projects in the country. Reasons pointed out by critics in the sector include low prices for new drugs, insufficient government investment, and tariff pressures from US President Donald Trump, all contributing to companies relocating away from the UK.
Speaking at the unveiling of US vaccine giant Moderna’s new facility in Oxfordshire, Lord Vallance emphasized that price hikes may be essential to retain pharmaceutical companies in the UK. He mentioned that the department of health and the Treasury will need to determine the source of additional funds to accommodate higher prices. The introduction of Moderna’s new center, focused on flu and Covid vaccine production, signifies a significant investment in UK research and development by the company.
Health Secretary Wes Streeting, present at the ribbon-cutting ceremony for Moderna’s facility, acknowledged ongoing discussions between government departments and the pharmaceutical industry regarding drug pricing. Lord Vallance stressed the importance of reaching a viable agreement for the benefit of the economy and patients. While Moderna continues to invest in the UK, other companies like Merck and AstraZeneca have recently halted or reconsidered their investments in the country due to financial reasons.
In response to the decline in UK spending on medicines from 15% to 9% of the NHS budget over the past decade, concerns have been raised about patient access to innovative treatments and advancements in healthcare. With ongoing negotiations between the government and pharmaceutical firms, the focus remains on finding a balance between affordability for taxpayers and maintaining a conducive environment for industry growth. The intersection of government growth, health goals, trade objectives, and international relations, particularly with the US, will play a crucial role in shaping the future landscape of pharmaceutical investments in the UK
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