The Association of the British Pharmaceutical Industry (ABPI) has welcomed Philip Hammond’s pledges to back the strength and growth of the UK pharmaceuticals sector.
In his speech to delegates at Conservative Party Conference in Birmingham, the Chancellor announced that if bidders secure multi-year EU funding before Britain leaves the European Union, the UK government will continue to subsidise those projects after Brexit. His comments were a guarantee to bidders whose projects meet UK priorities and value for money criteria.
This weekend, the Chancellor also announced the Government’s commitment to investing £220 million to support the research and development of innovative new technology in the Life Sciences sector.
Mike Thompson, Chief Executive of the ABPI, responded to the Chancellor’s pledges by saying: “What we hear is a clear signal from Government that the UK remains open for business, and will continue to be a great place for the discovery and development of the medicines and medical technologies of the future.
“As the country moves forward and forges a new relationship with the rest of the world, we must to continue to invest in innovation – and the success and stature of the UK pharmaceutical industry is no better example of how that investment can pay off.”