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Daily Mail
2 days ago
- Business
- Daily Mail
UK Pharmaceutical industry at risk from government's 'sky-high' rebates system
The UK's status as a leader in medical research is at risk from 'sky-high and unpredictable' repayments pharmaceutical firms hand the Government, says an industry boss. Richard Torbett, chief executive of the Association of the British Pharmaceutical Industry, said the rebate system – where firms repay money they make through selling medicines to the NHS – was sending 'a terrible message to international investors'. Rachel Reeves promised to support 'the UK's strengths in life sciences' and 'ensure patients get rapid access to the most clinically and cost-effective new technologies'. The Treasury plans to invest up to £520million in drug manufacturing in the next five years. Another £600million is earmarked for a health data research service to accelerate the discovery of new medicines. But Torbett said more was needed. 'Over the past decade, accounting for inflation, the NHS budget has grown by a third in real terms, while investment in the most rigorously cost-benefit-tested part of health spending – investment in the medicines needed to treat people – has fallen from around 11 per cent to 9 per cent of the health budget,' he added. And he attacked plans to increase what drug companies must repay from drug sales to 31.3 per cent, from 15.5 per cent. 'The sky-high and unpredictable payment rates send a terrible message to international investors when the UK is trying to position life sciences research and development as an engine for health and growth. For the sake of patients, the NHS and the economy, we need a commitment to bring these unsustainable rates down.'
Yahoo
19-03-2025
- Business
- Yahoo
UK Pharma Industry Trade Association Restores Wegovy/Ozempic Maker Novo Nordisk's Membership After 2 Years Of Suspension
On Monday, Novo Nordisk A/S (NYSE:NVO) returned to full membership of the Association of the British Pharmaceutical Industry (ABPI) following extensive audits of the Wegovy maker's compliance procedures and governance by the Prescription Medicines Code of Practice Authority (PMCPA). The Association of the British Pharmaceutical Industry is the trade association for over 120 companies in the U.K. In March 2023, the ABPI Board decided to suspend Novo Nordisk from membership of the ABPI for two years following a complaint related to a LinkedIn post that did not make clear Novo Nordisk's involvement nor state whether it was a promotional or non-promotional meeting for its obesity that the course was for a therapy area, Novo Nordisk was involved in and ended up giving a Patient Group Direction (PGD) to ensure that even non-prescribers could indirectly prescribe its product. This appeared to be promotional. The complaint alleged that the PGD given was part of what Novo Nordisk offered individual health professionals. This had value and was given to individuals for their benefit to run private clinics, which was bribing health professionals with an inducement to prescribe. "Over the past two years, Novo Nordisk has responded positively and actively to the requirements laid down by the ABPI Board, and I am pleased to welcome them back into full engagement as ABPI members," said Richard Torbett, CEO of the ABPI, on Monday. In March, Novo Nordisk introduced NovoCare Pharmacy, a direct-to-patient delivery service to improve access to Wegovy (semaglutide) for cash-paying patients. The program offers all dosage strengths of the weight-loss medication at a reduced price of $499 per month for uninsured individuals or those whose insurance does not cover obesity treatments. Read Next: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — this is your last chance to become an investor for $0.80 per share. If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it? Photo by KK Stock via Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article UK Pharma Industry Trade Association Restores Wegovy/Ozempic Maker Novo Nordisk's Membership After 2 Years Of Suspension originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
