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news.The Association of the British Pharmaceutical Industry has strongly protested against the government's decision to renegotiate the drug pricing mechanism halfway through the current five-year period, reported the Telegraph.
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According to the Association of the British Pharmaceutical Industry (ABPI), the government’s move is likely to have potential repercussions in the pharma sector with many pharma companies considering shifting from UK. Although the government’s decision to scrap the present pharmaceutical price regulation scheme is aimed at reducing the NHS annual drugs bill by atleast £1 billion, it may lead to disastrous changes in the pharma sector.
Many pharma companies believe that the new pricing policy may hurt their interests if the drug regulators take cheaper generic drug prices as a reference. While Shire has made plans to shift its corporate headquarters to Ireland for tax reasons, AstraZeneca and advertising group WPP are believed to be considering a similar move.
Nigel Brooksby, outgoing ABPI president, said: “We are committed to working with the government to retain leadership in the UK, provide value for money, encourage and reward innovation, assist in the uptake of new medicines and help restore industry confidence through predictability, stability and sustainability.”