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United Kingdom Pharmaceuticals and Healthcare Report Q1 2008Published by: Business Monitor International Published: Feb. 20, 2008 - 91 Pages Table of Contents
AbstractThe UK has one of the most technologically advanced drug markets in Europe, characterised by a booming research sector and comprehensive medicines coverage. BMI estimates that in 2006, the overall pharmaceuticals sector reached a value of US$26.1bn. However, we believe that it will grow to a value of US$35.2bn by 2012 as the government continues to increase health expenditure.Indeed in the quarter, the Chancellor of the Exchequer Alistair Darling revealed that UK government expenditure on health will continue to rise over the next four years, but at a slower rate than previously seen. According to BMI’s forecasts overall spending will rise by 4% per year bringing the total spent, as a percentage of GDP, to 9.4% by 2012. This is in line with the European average. In fact, in general news concerning the NHS has been positive recently. In November 2007, it was announced that a budget undershoot for 2007/2008 of GBP1.8bn (US$3.72bn) was expected. The current situation marks a notable turn around from two years ago when the NHS posted an overshoot of GBP547mn (US$1.13bn) and has been made possible by swingeing financial measures. In company terms, there has been quite a lot of activity amongst UK-based firms. The biggest deal saw GlaxoSmithKline (GSK), Europe’s largest drugmaker, acquire privately held US firm ReliantPharmaceuticals for US$1.7bn. The US firm specialises in cardiovascular drugs, considered one of the weaker areas in GSK’s portfolio. Meanwhile, consumer goods firm Reckitt Benckiser has increased its presence in the OTC sector with the purchase of US company Adams Respiratory Therapeutics (Adams). Meanwhile, the UK takes fourth place in BMI’s revised Business Environment Rankings for the Western European region. We have completely overhauled the methodology giving greater weight to regulatory factors affecting the drug market, while utilising a more nuanced analysis of country-specific economic and political factors. The UK’s position derives mainly from its strong intellectual property regime and strong economic and political indicators. Get Full Details About This Report >> |
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