British biotechs face finance crunch as tax relief fades

Representatives from the UK biopharmaceutical industry are calling on the government to provide more support through a specially-designated tax relief program.

In a statement, the UK BioIndustry Association (BIA) emphasized the importance of the R&D tax relief scheme, which was designed to support research-heavy small and medium-sized enterprises.

As the Chancellor of the Exchequer gets ready to make a highly-anticipated annual budget statement in the coming days, questions remain about the level of support for innovative companies, amid a worsening economic outlook.