ABPI response to the Budget

The Association of the British Pharmaceutical Industry (ABPI) has welcomed measures in Chancellor Jeremy Hunt’s Budget to unlock investment in medical research and medicines manufacturing and improve NHS productivity.

Pharmaceutical manufacturing alone is responsible for £16.4 billion in GVA to the UK economy each year. By delivering a supportive policy and operating environment for medicines manufacturing, the UK could attract £15 billion worth of investment and create an additional 26,500 jobs over the next ten years [1].

Today this potential was demonstrated with the Chancellor pointing to a new £650 million investment by AstraZeneca into sites in Cambridge and Speke near Liverpool.

Also in the Budget was £45 million for charitable medical research, and £3.4 billion for NHS digital infrastructure to improve productivity.

Richard Torbett, Chief Executive of the ABPI, said: “The UK’s life sciences industry continues to be one of the country’s highest potential growth sectors – and it is great to see some of that potential demonstrated today. AstraZeneca’s investment shows that if we get the policy environment right, we can reinvigorate medicine manufacturing in this country, creating new jobs and prosperity across the country.

“Our members will also welcome the support announced today which will improve the wider UK medical and life sciences ecosystem, including the support for UK charitable medical research and more money for NHS digital transformation.”

  • Budget
  • Manufacturing
  • Economy and Industry
  • Life Sciences
  • Politics

Last modified: 06 March 2024

Last reviewed: 06 March 2024

The ABPI exists to make the UK the best place in the world to research, develop and use new medicines. We represent companies of all sizes who invest in discovering the medicines of the future. 

Our members supply cutting edge treatments that improve and save the lives of millions of people. We work in partnership with Government and the NHS so patients can get new treatments faster and the NHS can plan how much it spends on medicines. Every day, we partner with organisations in the life sciences community and beyond to transform lives across the UK.