AstraZeneca CEO Pascal Soriot has said the UK has great science and a great talent pool, but said there needs to be a rethink of how some medicines are approved for use by the NHS to help persuade companies to invest in the country.
Speaking in an interview with Sky News, following the release of the company’s second quarter and half year results, Soriot said when the industry makes decisions around investment it looks at whether there is good science in a country.
“Here the answer is a resounding yes for the UK. We have great science in this country. Do we have the right talent pool? The answer is another resounding yes. We have a great talent pool in the UK,” he said.
Soriot said that companies would then look at the financial environment, the tax rate, and finally at whether patients are able to access medicines. “Because if you want to invest in research and development, you have to believe your medicines will be bought to patients,” he said.
His comments follow the decision by the UK’s National Institute for Health and Care Excellence not to approve access to the breast cancer drug Enhertu, because it decided that the drug did not provide value for money. NHS patients in Scotland as well those in 17 European Union countries do have access to the drug.
Soriot said that his concerns over the methodology used to assess the drug had been raised with the UK government: “We are hopeful that the methodology can be changed,” he said.
The chief executive of Sanofi recently made a similar call for the UK to become a world leader in patient access to innovative medicines, pointing out that UK government spending on medicine is the lowest among its European peers. Such a move, said Sanofi CEO Paul Hudson in an article published in The Times, would “open the floodgates of investment, while ensuring better outcomes for patients.”
AstraZeneca reported a 7% rise in its core operating profit to $8.4 billion for the first six months of 2024. Sales rose by 18% to $25.6 billion.
Earlier this year AstraZeneca said it plans to invest £450 million to research, develop and manufacture vaccines in Speke, Liverpool, and a further £200 million investment in Cambridge, employing 1,000 people.
Further reading:
AstraZeneca to invest $1.5 bilion in Singapore net-zero antibody facility
AstraZeneca CEO Sir Pascal Soriot awarded President’s Medal at Palace of Westminster
AstraZeneca breast cancer, asthma and neuromuscular treatments approach approval
Visit Blog