Business
UK pharmaceutical sector ‘risks losing investment to other countries’
Pharmaceutical bosses have said research and development (R&D) in the UK sector risks “losing out to other countries” amid concerns over the investment environment.
The warning came as research indicated the UK has lost ground against other countries regarding investment in pharmaceuticals and life sciences.
A study from PwC and the Association of the British Pharmaceutical Industry (ABPI) pointed towards weaker investment in recent years, with a particular fall in foreign funding.
The research indicated UK pharmaceutical investment has underperformed against global trends since 2018.
Latest figures showed that investment in R&D in the sector fell by nearly £100 million in 2023.
It also showed direct foreign investment into UK life science fell by 58% to £795 million from 2017 to 2023.
The data showed the UK ranked second for foreign investment in 2017 and 2021 compared with other countries, but fell to seventh by 2023.
ABPI chief executive Richard Torbett said the Government and industry need to work together to “remove existing barriers” in order to help the sector.
He said: “The UK has a world-class science base and the potential to lead globally in developing the next generation of medicines and vaccines.
“But without a more competitive environment for investment, we risk losing out to other countries making bold moves to attract internationally mobile investment.
“I believe UK has the potential to unlock billions in additional investment in early-stage R&D, ensure patients and the NHS can benefit from access to cutting-edge clinical trials and attract major capital investment in R&D and medicines manufacturing facilities – all of which directly support the government’s health and growth missions.”
AstraZeneca UK president Tom Keith-Roach said: “New and innovative medicines are essential to improving patient outcomes and have huge potential to boost British economic growth and support delivery of the NHS 10 year plan.
“The competitiveness framework underscores the importance of investing in the next generation of medicines and pulling them through to the patients who can benefit.”
Business
‘First Tranche Of Agreement By November’: Union Minister Piyush Goyal On US-India Trade Talks
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Piyush Goyal announced the first tranche of the India-US trade deal should be finalised by November 2025.
Commerce Minister Piyush Goyal (Image: PTI/File)
Union Minister Piyush Goyal on Thursday indicated that the first tranche of the agreement with the United States on a trade deal should be finalised by November 2025.
Speaking at a news conference in Patna, he said, “In February 2025, Prime Minister Narendra Modi and President Trump together instructed us that the ministers of both sides should make a good agreement by November 2025. The first part of that agreement, the first tranche, should be finalised by November 2025, and since March, discussions have been going on on this subject very seriously in a very good environment, progress is being made, and with the progress, both sides are satisfied.”
Earlier, US President Trump in a post on Truth Social had indicated that there was a thaw in the tug of war over tariffs imposed on India, saying that the two countries are continuing negotiations to address trade barriers.
“I am pleased to announce that India and the United States of America are continuing negotiations to address the Trade Barriers between our two nations. I look forward to speaking with my very good friend, Prime Minister Modi, in the upcoming weeks. I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!” he posted.
Trump’s remark came days after he called the India-US ties a “very special relationship” and affirmed that he and PM Modi would always be friends, asserting that there is “nothing to worry about”.
Prime Minister Narendra Modi then endorsed the US President’s remarks saying that trade talks between India and the United States would help “unlock the limitless potential” of the partnership.
In a post on X, PM Modi said, “India and the US are close friends and natural partners. I am confident that our trade negotiations will pave the way for unlocking the limitless potential of the India-US partnership. Our teams are working to conclude these discussions at the earliest. I am also looking forward to speaking with President Trump. We will work together to secure a brighter, more prosperous future for both our people.”
New Delhi is facing global uncertainties due to heightened economic tensions following the US imposition of a 50 per cent tariff on Indian imports, including an additional 25 per cent due to its purchase of Russian crude oil, which, according to Washington, fuels Moscow’s efforts in its conflict with Ukraine.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
September 11, 2025, 13:55 IST
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Faarea Masud, Rachel Clun and Simon JackBusiness reporters
Getty ImagesUS pharmaceutical giant Merck is scrapping the planned £1bn expansion of its UK operations, saying the government is not investing enough in the sector.
The multi-national business, known as MSD in Europe, said it would move its life sciences research to the US and cut more than 100 UK jobs, blaming successive governments for undervaluing innovative medicines.
A spokesperson for the government defended its investments in science and research, but acknowledged there was “more work to do”.
Pharmaceutical companies have been refocusing on American investments following pressure from US President Donald Trump, including threats of sky-high tariffs on drug imports.
MSD had already begun construction on its site in London’s King’s Cross which was due to be completed by 2027, but said it no longer planned to occupy it.
The company will also vacate its laboratories in the London Bioscience Innovation Centre and the Francis Crick Institute by the end of the year, which will lead to 125 job losses.
A spokesperson for the drug company said the decision “reflects the challenges of the UK not making meaningful progress towards addressing the lack of investment in the life science industry and the overall undervaluation of innovative medicines and vaccines by successive UK governments”.
Richard Torbett, chief executive of the Association of the British Pharmaceutical Industry, said the decision was “an incredible blow”.
“We’ve really got to see it as a wake up call to try and understand what is driving companies to make these difficult decisions and what can we do to turn that round,” he told the BBC’s Wake Up To Money programme.
“The lack of competitiveness of the UK is the big thing that’s driven the decision,” he added.
“We’ve got great strengths in this country – we’ve got fantastic academic institutions, good infrastructure, amazing medical research charities – but we’ve got systematic under-investment in the products that come out of the end of innovation.”
MSD is the latest pharmaceutical company to abandon or reduce investment plans in the UK.
In January, AstraZeneca walked away from plans to invest £450m in expanding a vaccine manufacturing plant in Merseyside earlier this year, blaming reduced government support.
The UK boss of another pharmaceutical giant warned last month that NHS patients would lose access to cutting-edged treatments because Britain was “largely uninvestable”.
Norvartis’s Johan Kahlstrom said the company had “already been unable to launch several medicines” in the country due to the “declining competitiveness” of the UK market.
Industry sources told the BBC the industry had been attracting major funding in the hub around Kings Cross focused on the intersection between life sciences and AI.
They pushed back on claims that the decision was linked to ongoing negotiations over drug prices, in which industry has been lobbying hard for the NHS to approve more and pay more for medicines.
The current pricing regime was set and agreed to by drug companies in 2023 – less than 18 months ago.
Since then, drug companies have come under pressure from the Trump administration to lower drug prices for US customers and to invest more in the US – affecting their ability to invest elsewhere.
In an August interview with CNBC, Trump suggested that tariffs on pharmaceuticals imported to the US could reach up to 250%.
The threat followed an executive order signed by the president in May aimed at reducing drug prices for American consumers.
Dr David Roblin, chief executive of London-based biotechnology company Relation Therapeutics, told the BBC that the fundamentals that drove MSD to invest in the UK in the first place had not changed.
“The academic environment in the UK continues to produce innovative ideas and people to run with those ideas, which attracts foreign investment,” he said.
“The environment to do research is still outstanding: we’ve got great academics, the NHS does provide a research platform, for example the UK Biobank is proving to be a real attractor for companies like mine,” he said.
What has changed, Dr Roblin said, was the political landscape in the US which big pharma has to respond to, “because the US remains the largest market for pharmaceuticals on earth,” he added.
A spokesperson for the Department of Industry, Science and Technology said: “The UK has become the most attractive place to invest in the world, but we know there is more work to do.
“We recognise that this will be concerning news for MSD employees and the government stands ready to support those affected.”
Business
Who is the world’s richest person? Elon Musk snatches back crown from Larry Ellison; check their net worth – The Times of India
Larry Ellison, Oracle’s Chief Technology Officer, overtook Elon Musk to become the world’s richest person on Wednesday – albeit temporarily. The current wealth gap between these titans stands at a relatively modest one billion pounds, considering their enormous net worth: Musk maintains $384.2 billion whilst Ellison holds $383.2 billion.According to an AP report, these astronomical sums could sustain 5 million average American households for an entire year, equivalent to Florida’s population taking a complete break from work. Alternatively, the amount matches South Africa’s annual gross domestic product.
When Larry Ellison overtook Elon Musk as world’s richest
In the initial minutes of trading, Oracle Corp.’s share price increased dramatically, momentarily elevating its co-founder Ellison above the long-standing leader Elon Musk in the world’s wealthiest persons rankings.However, the volatile nature of the stock market restored Musk to the position of the world’s richest person by day’s end, according to Bloomberg, as Oracle’s shares settled lower than their earlier peak.At Wednesday’s close, Oracle shares rose 36% to $328.33, whilst Tesla showed minimal movement, increasing less than 1% to $347.79.The temporary shift in rankings occurred following Oracle’s exceptional earnings report, which highlighted substantial customer orders amidst increasing competition in artificial intelligence technology.Larry Ellison ascended to become the wealthiest individual globally, surpassing Elon Musk, who had held this position since four years prior. Musk’s position was primarily attributed to his ownership in Tesla, an electric vehicle manufacturer that is currently experiencing a decline.Tesla’s shares have declined by 14% in the current year, displaying a contrasting trajectory to Oracle’s performance. Musk maintains control over numerous private enterprises, including the spacecraft manufacturer SpaceX, his AI venture xAI, and X (previously known as Twitter).Ellison’s 40% ownership in Oracle resulted in his wealth increasing by $100 billion within thirty minutes of market opening! The previous evening, post market closure, Oracle disclosed securing contracts exceeding $300 billion, including agreements with “OpenAI, Meta, Nvidia and Musk’s xAI”. The company projected its cloud infrastructure revenue to increase by 77% to $18 billion this fiscal year, followed by an anticipated rise to $144 billion over the subsequent four-year period.Ellison said in an earnings discussion how the company would generate revenue not only from AI development infrastructure but also from operating AI systems across various sectors, including manufacturing, pharmaceutical research, financial trading, and business automation.The substantial increase in Ellison’s wealth on Wednesday morning reflected market confidence in automation replacing human workforce, positioning Oracle to capitalise on this transformation.“AI Changes Everything,” declared the 81-year-old during the discussion.Meanwhile, Tesla’s chief executive faces challenges in persuading investors despite similar aspirations. Following a significant decline in electric vehicle sales early this year, the anticipated recovery hasn’t materialised. He has attempted to redirect attention towards Tesla’s robotics division and AI developments in autonomous vehicles.Despite his continued optimism about Tesla’s prospects, difficulties persist. The company experienced a 40% decline in European Union sales during early summer, marking seven consecutive months of reduction, partly due to his social media support for far-right politicians. US market share has also declined as customers responded negatively to his alignment with Donald Trump.
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