Britain is missing out on pharma investment thanks to medicine rationing

cityam

Dec 03

The NHS weighed on public sector productivity A subtle version of fiscal drag has seen the amount the NHS is prepared to spend on treatments reduce in real terms, meaning patients are missing out on ...

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Recent industry news shows that the sector was not bluffing when it talked about the potential impact on investment in this country.Several of the world’s largest pharmaceutical companies have paused or pulled investments in the UK, citing market access and pricing as major issues. Meanwhile other European countries such as Spain and Poland have been actively courting pharmaceutical investments and making life as easy as possible for them.There has been a lot of discussion about the crucial multi-year industry pricing agreement, VPAG  which seeks to limit NHS spend","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4543":"AI","BK4566":"资本集团","NICE":"NICE系统","IE00BFMHRM44.USD":"NEUBERGER BERMAN GLOBAL EQUITY MEGATRENDS \"A\" (USD) ACC","BK4023":"应用软件"},"translate_title":"由于药品配给，英国错过了制药投资","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NICE":1},"content_text":"The NHS weighed on public sector productivity A subtle version of fiscal drag has seen the amount the NHS is prepared to spend on treatments reduce in real terms, meaning patients are missing out on life-saving treatment and the economy is missing out on investment, says Gareth LyonThe UK government has spent decades testing the limits of just how far industry can go in discounting prices for innovative medicines in the NHS. Recent industry news shows that the sector was not bluffing when it talked about the potential impact on investment in this country.Several of the world’s largest pharmaceutical companies have paused or pulled investments in the UK, citing market access and pricing as major issues. Meanwhile other European countries such as Spain and Poland have been actively courting pharmaceutical investments and making life as easy as possible for them.There has been a lot of discussion about the crucial multi-year industry pricing agreement, VPAG (The Voluntary Scheme for Branded Medicines Pricing, Access and Growth) which seeks to limit NHS spending on innovative medicines. With negotiations dragging on, industry has faced incredible frustration and uncertainty impacting a large part of the UK market.\n\nBut this is not the only mechanism limiting NHS use of potentially life changing medicines. The value-based rationing imposed by the National Institute of Health and Care Excellence (NICE) means that treatments which have at least limited market access in other European countries are shut out of the NHS – with patients often being completely oblivious of the availability of treatments.\n\n\n\n\n\n\nFree Thinking - City AM Opinion Newsletter\nGet weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from City AM’s Opinion Editor, delivered every Saturday.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nValue of life has declinedThe principles behind NICE are hard to argue with: there must be a rational basis for keeping state spending on healthcare under control. But NICE has been subtly operating its own version of fiscal drag over the past 20 years by freezing the amount it is prepared to pay for a treatment as measured in Quality Adjusted Life Years (QALYs) – resulting in a 47 per cent real-terms reduction in what the UK is prepared to pay for a new medicine between 2009 and 2025. Effectively this means that the value put on a year of good health for a UK patient has declined by nearly half during that time.These limits on the availability of medicines to patients are exacerbated by fragmented budgeting within the NHS. Even when a particular medicine is allowed within the NHS and judged by medical professionals to be the right treatment, it will sometimes not be used because a particular Integrated Care Board (ICB) or Trust may lack the funds – resulting in postcode lotteries across the country.\nPlay Video\nAll of this matters both to UK patients missing out on potentially life-changing medicines, but also to the UK economy. The domestic market is a critical factor that major pharma companies take into account when deciding whether to make their investments. Major investments of the sort the UK is increasingly missing out on are, for each company, once-in- a-generation decisions worth hundreds of millions or even billions of pounds. They also have very significant spill-over effects for suppliers and associated companies.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}