This site is intended for Healthcare Professionals only.

AbbVie, Eli Lilly exit UK drug pricing deal


Share post:

Pharmaceutical companies AbbVie and Eli Lilly have withdrawn from Britain’s voluntary medicines pricing agreement, an industry body said on Monday.

Companies are increasingly arguing that it is no longer possible to justify the UK’s “voluntary scheme” to global boardrooms and investors as repayment rates in 2023 have surged to 26.5 per cent of revenue, the Association of the British Pharmaceutical Industry (ABPI) said in a statement.

“The current scheme has harmed innovation, with costs spiraling out of control, and the UK falling behind other major countries to be left as a global outlier,” said Laura Steele, president and general manager for Eli Lilly’s Northern Europe division.

ABPI said it was seeking early talks with the government to set out a new future settlement.

In December, the industry body had said the government raised the amount manufacturers of branded medicines within the voluntary scheme will be required to return to almost £3.3 billion in sales revenue from an earlier amount of £1.8 billion.

The demand from the NHS and use of new medicines to treat patients have grown faster than the industry’s pre-pandemic projections, which has driven repayment rates far beyond sustainable levels, ABPI added.

The current voluntary scheme, which will end in December, is an agreement between the British government and the pharmaceutical industry with roots going back to the foundation of the NHS, ABPI said.


Please enter your comment!
Please enter your name here

Current Issue March 2024

Related articles

Phlo Pharmacy secures £9 Million in funding amidst challenging investor climate

Phlo's pharmacy integrated digital healthcare ecosystem revolutionizes patient care across multiple platform Phlo Digital Pharmacy, a leading digital healthcare...

Another wake-up call! Nuffield Trust report warns patients face ‘new normal’ of medicine shortages

Community Pharmacy England has already warned that medicine shortages and market instability are “at the worst that pharmacies...

NHS supply chain appoints Richard Evans as commercial executive director

Experienced leader to drive transformation in healthcare supply chain through new NHS  appointment NHS Supply Chain today announced the...

UK launches Critical Imports Council to secure supplies of medicines, smartphone chips

The Council aims to address the supply challenges businesses face and develop real-life solutions The UK government has...