Summary
The United States and the United Kingdom have agreed on a trade deal that removes tariffs on medical products. In return, the UK will spend more on medicines and adjust how it values their prices. The UK's NHS will increase its budget for treatments by 25% over the next three years.
Key Facts
- The US and UK agreed to zero tariffs on medicines and medical products.
- The UK's NHS will spend 25% more on treatments for at least the next three years.
- The UK will change how it values new medicines, affecting the prices it pays.
- The NHS uses a measure called "quality-adjusted life year" to determine a drug's cost-effectiveness.
- President Trump advocated for Europe to pay more for US medicines.
- The UK promised to cut the rebate rate paid by companies to the NHS to 15% by 2026.
- The agreement encourages pharmaceutical companies to invest in the UK.
- Companies like Bristol Myers Squibb plan significant investments in the UK following the deal.
