Positive pharma and biotech response to UK Budget proposals

The UK’s leading pharmaceutical and biotechnology trade groups welcomed Chancellor Jeremy Hunt’s Spring Budget to unlock investment in medical research and manufacturing that was announced on Wednesday.

The Association of the British Pharmaceutical Industry (ABPI) noted that drug manufacturing alone is responsible for £16.4 billion ($20.8 million) in GVA to the UK economy each year. By delivering a supportive policy and operating environment for medicines manufacturing, the UK could attract £15 billion worth of investment and create an additional 26,500 jobs over the next 10 years.

Today this potential was demonstrated with the Chancellor pointing to a new £650 million investment by AstraZeneca (SE: AZN) into sites in Cambridge and Speke near Liverpool. Also in the Budget was £45 million for charitable medical research, and £3.4 billion for improving NHS digital infrastructure to improve productivity.