ABPI welcomes the Chancellor’s backing of life sciences in the Budget

Following the first Labour budget for 14 years, the Association of the British Pharmaceutical Industry (ABPI) welcomes Chancellor Rachel Reeves’ measures to improve UK life sciences competitiveness.

With a focus on stability, investment, and long-term growth, key announcements in the Budget included increases in NHS funding, a £520m life sciences innovative manufacturing fund, and investment in research and development, including increased funding for the National Institute for Health Research (NIHR).

Responding to the Budget, Richard Torbett, Chief Executive of the ABPI said: “Despite the tough fiscal environment, today’s Budget is a clear indication that the government sees life sciences at the heart of its growth mission.

“Confirmation of the life sciences innovative manufacturing fund is very welcome, and will be crucial in helping to capture high-productivity investment, and create valuable jobs at a time when they are most needed.  

“The increased investment in the health service and commitments to put technology and innovation at the heart of the NHS are key to delivering an ambitious 10-Year Plan. Innovative medicines will be a vital part of delivering the shifts the Health Secretary is trying to achieve.

“Thanks to an agreement between our industry and government which caps the branded medicines bill, the NHS can invest in new medicines with full confidence that medicine spend will remain firmly under control.

“The research and development of new medicines and vaccines is a powerful contributor to economic growth. In the UK, the pharmaceutical industry is the largest private sector investor in UK R&D, and the key attractions underpinning that investment are our strong science base and the NHS.[1]

“Increasing funding for the National Institute for Health and Care Research (NIHR) will help the government improve the environment to deliver clinical trials. We look forward to working with the government to boost our research health and life sciences ecosystem further.”