Words by Jade Williams
In the wake of the first Labour budget in 14 years, the Association of the British Pharmaceutical Industry (ABPI) has expressed support for Chancellor Rachel Reeves’ measures aimed at bolstering the competitiveness of life sciences in the UK.
Focused on stability, investment and sustained growth, key Budget announcements include increased NHS funding, a £520 million life sciences innovative manufacturing fund and expanded investment in research and development – including greater funding for the National Institute for Health Research.
Richard Torbett, Chief Executive, ABPI, responded positively to the Budget: “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.”
Continuing, he noted that 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”. Torbett noted that increased investment in the NHS and a focus on technology and innovation are essential for achieving growth.
“Increasing funding for the National Institute for Health and Care Research will help the government improve the environment to deliver clinical trials,” he concluded. “We look forward to working with the government to boost our research health and life sciences ecosystem further.”
The Budget’s targeted support for life sciences could prove a pivotal move in enhancing the UK’s position in the global pharmaceutical landscape, fostering innovations that promise economic impact and advancements in the delivery of healthcare for the country.
