UK budget announcements please pharma

Yesterday’s budget announcements by Chancellor of the Exchequer George Osborne essentially bought few major surprises, since most changes had already been covered by the media. However, there was confirmation of the Patent Box reduced tax rate for UK inventions, along with a proposal for the life sciences sector, where he said, “we will radically reduce the time it takes to get approval for the clinical trials.”

Richard Barker, director general of the Association of the British Pharmaceutical Industry (ABPI), said: “Industry warmly welcomes measures in the Budget to cut red tape and improve the process for clinical trials, a significant step towards faster patient access to new medicines whilst also making the UK a more attractive place to do business. We look forward to working with the [National Health Service] Chief Executive on the report on the adoption of new medicines in the NHS which would be a very promising step forward.”

He continued: “This, together with the package of measures around skills, IP, tax credits and breaks and the continuation of translational research partnerships, shows that Britain is a strong competitor and place to do business for our industry. The measures set out today reflect the success of the Office for Life Sciences and demonstrate the opportunities that can be realized when government, industry and academia work in collaboration.”