UK may lose its biotechnology sector
United Kingdom may lose its biotechnology sector unless they introduce some changes to the system — new tax incentives, new ways of promoting the medicines, and adopting a new approach to regulation.
“The whole risk reward equation is seen as unbalanced and too risky. The equation just doesn’t work,” said Sir David Cooksey, a businessman who chaired a high-level government and industry group that sent out this warning to the public.
Beside tax breaks, the group called for an overhaul of drug approvals and an independent review of the operations of the National Institute for Health and Clinical Excellence. He also said that the UK is falling behind other European countries, and that’s not good.
“We are in grave danger of losing out to Europe,” he said. “We are at a watershed. Unless we tackle regulation and the approval of new drugs, we will never be able to develop drugs at prices considered affordable.”
Sir David also said that investors are backing out because they realized that they can’t make returns within a decade. He is also against an action started by Sir Chris Evans, the biotech entrepreneur and funder, who called up the government to inject money in this sinking field. “If you look at history, governments putting large amounts of money in and civil servants choosing the winners hasn’t had a great success.”
Source: ft.com/cms/s/0/3df9ad1e-e8ee-11dd-a4d0-0000779fd2ac.html
