The UK pharmaceutical industry could face a tough year ahead, as global pressures ‘take a toll’.
That is the view of journalist Andrew Jack who today wrote in the Financial Times that tighter budgets will place restraints on the market, which has otherwise been unaffected by the global recession.
He added that higher costs and slow recruitment are driving clinical research trials overseas, which could lead to less investment in research and development within the UK.
The government funded NHS has also been forced to make major cut backs on expensive and innovative drug orders for uncommon illnesses, such as rare forms of cancer.
Mergers with larger US and international manufacturers are also affecting jobs in the UK pharmaceutical market as production facilities are outsourced to the states.
Figures out today revealed pharmaceutical giant GlaxoSmithKline has lost 1.2 per cent to in stock values, devaluing shares to £12.55.
Failure to implement new reforms in the US health care system, as proposed by president Barrack Obama, has been attributed to the unsettlement in the stock market.