UK drug price rises 'necessary', says Patrick Vallance
Summary
The UK's science minister, Patrick Vallance, stated that raising drug prices is needed to keep pharmaceutical investment in the UK. This comes after some large drug companies have paused or canceled projects in the UK due to low drug prices and other economic pressures. Discussions between the government and the pharmaceutical industry are ongoing to address these issues.Key Facts
- The UK plans to raise the price paid for medicines by the NHS to retain pharmaceutical investment.
- Major drug companies have stopped or paused projects in the UK, citing low drug prices and insufficient government investment.
- Patrick Vallance emphasized the need for price increases at the opening of Moderna's new facility in Oxfordshire.
- Moderna is investing over £1 billion in UK research and development as part of a long-term partnership.
- Other companies like Merck and AstraZeneca have cut back investments in the UK.
- Novartis has warned that NHS patients might miss out on new treatments due to high costs.
- Eli Lily called the UK the least favorable country in Europe for drug pricing.
- The NHS's spending on medicines has decreased from 15% to 9% over the past decade.
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