Industry Laments UK Decision To Go Ahead With ‘Unprecedented’ Sales Repayments
The UK government has confirmed plans to raise payments made by drug companies in the statutory scheme for branded medicines to 24.4% for 2023, despite clear warnings from industry that the approach is unsustainable and jeopardizes the delivery of the government's ambitions for life sciences in the post-Brexit UK.
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Uncertainty over the payments that will be due from companies to manage the branded medicines bill in 2023 and beyond has been a cause for concern for firms, which last month had to decide whether to remain in or exit the Voluntary Scheme for Branded Medicines Pricing and Access. If many companies have left, the “remainers” might end up paying more than their fair share, though the government has offered some assurance on this front.
The pharmaceutical industry has warned the UK’s new government about the impact of unprecedented industry payments on medicines supply in the short term and their potential to reduce inward investment in the long term. Along with economic pressures, these considerations will be among the factors forming the backdrop to negotiations on a deal that will determine pricing and access for branded medicines from 2024 onwards.
Many pharma firms are considering cutting their investment in clinical trials or reducing their supply to the UK market next year, a survey by industry group EMIG found.