Posted by Michael Wonder on 16 Oct 2023
UK faces £50 billion economic hit due to spiralling medicines levy
12 October 2023 - A year on from the publication of analysis, which found that excessive double digit UK rebates levied on medicine sales are a false economy which will cost the UK economy £50 billion by 2058, a new update by WPI Strategy for the Association of the British Pharmaceutical Industry has re-confirmed the findings.
The initial report by WPI Strategy, ‘False Economy: How NHS medicine procurement threatens the UK’s life sciences growth engine’ argues that unless the UK takes action to reduce the rebate rates levied on branded medicines sales, the UK stands to lose £1.9 billion investment in UK research and development spending (R&D) in 2028, with a cumulative £5.7 billion of R&D investment lost between 2024-28.
