In his speech ahead of the March Budget, Chancellor Jeremy Hunt today set out his long-term prosperity in the UK, expressing the role of pharmaceutical companies in the growth of the UK economy.

Hunt highlighted the importance of the pharmaceutical industry, noting that the sector is an integral part of the UK’s success story and a major contributor to economic growth. He also discussed how the Government is working to create an environment that will enable pharmaceutical companies to continue to innovate, invest in research and development, and create high quality jobs. The innovative strength and resolve of the pharmaceutical sector has been widely recognised amongst its peers around the world and especially so during the recent Covid pandemic.

Noting that the sector currently employs over 70,000 people, contributes £14 billion to the economy and produces over a quarter of the world’s clinical trials, he also highlighted that the UK is the second biggest exporter of medicines in the world and that the government is committed to investing in research and development in the sector.

The Chancellor vowed to ensure a new package of support for the sector, which includes funding for research and development and a commitment to ensure that the sector has access to the best talent from around the world.

He concluded by citing the sector’s potential to become a global leader in life sciences and stressed the importance of supporting the sector in order to ensure its continued growth; alongside emphasising the Government’s commitment to supporting the pharmaceutical industry and its importance to the UK’s future success.

We’re looking forward to seeing how these warm words of recognition and acknowledgement translate to real improvement and access to funding in the UK, and prevents the continued brain and technology drain away for these shores.

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