Support for innovation is needed in Budget warns pharmaceutical industry
The Association of the British Pharmaceutical Industry (ABPI) has called on Rachel Reeves to prioritise research and development (R&D) investment in the coming Labour Budget to unlock the potential of the UK life sciences sector.
The APBI’s pre-Budget submission stressed the importance of maintaining and increasing public R&D funding to increase the UK’s attractiveness as a hub for global pharmaceutical investment.
The pharmaceutical body recommended focusing on the UK’s competitiveness by increasing public R&D investment. It said the country should aim to hit the highest level of R&D investment among G7 nations by the end of this parliament.
The UK is already a global leader in health and life startup funding. The sector has raised £1.8bn this year.
ABPI’s CEO, Richard Tobertt, said that the need for a Budget which supports innovation is crucial, citing life sciences as a “critical growth sector” which “shows the government’s recognition that we can be a crucial partner in delivering its ambition for investment and growth”.
Torbett noted that with the right measures, the industry has the potential to boost our economy while also bettering NHS performance and public health.
“Our industry wants to see a Budget with support for innovation”, he stated.
The ABPI also urged the government to initiate a cross-sector initiative to advance technology in drug creation and disease understanding.
The ABPI further pressed for changes to how the NHS manages access to innovative medicines, arguing that current cost concerns restrict patient access.
The firm called for an overhaul of NHS’s commercial framework and regulatory improvements to ensure quicker access to new medicines.