GlaxoSmithKline responds to UK govt 'Patent Box' with first investment

In response to the 'Patent Box' (a scheme that will more than halve corporation tax to 10% for manufacturing income derived from patents from April 2013) announcement made as part of UK Chancellor of the Exchequer Alistair Darling's Pre-Budget Report on December 9 (The Pharma Letter December 10), drug giant GlaxoSmithKline has already drawn up detailed implementation plans for its first state-of-the-art UK-based biopharmaceutical manufacturing plant. This will make the UK the future home of the latest generation of biological medicines, the firm stated.

GSK has also committed to manufacture the next generation of respiratory medicines at their facility in Ware, Hertfordshire. Taken together, all these activities will result in GSK investing in excess £500 million ($826.8 million) over the next few years in the UK and creating new jobs and safeguarding existing jobs in the UK.

Calls for similar treatment of existing drugs under development