Firms in the pharmaceutical industry have received a major boost in the finer details of the latest Budget announcement by chancellor George Osborne, it is claimed.
Biotechnology analyst Savvas Neophytou believes that the latest Budget is "small business-friendly", which will help firms struggling to stay afloat in the sector, Proactive Investors reports.
Provisions made by Mr Osborne that will help pharmaceutical firms include an increase in the research and development tax credit, which has increased from 175 per cent to 200 per cent and will rise again to 225 per cent in 2012.
Mr Neophytou anticipates that will help to fill a significant hole in funding that has developed over the last few years.
"We remain positive on the prospects of the sector … and [small businesses] continue to provide most of the innovation to replace technologies that lose patent protection and market exclusivity," he told the publication.
It was recently revealed that the European Medicines Agency has begun a collaborative project with the US Food and Drug administration, which it is hoped will establish a consistent approach to pharmaceutical research and development.
Typical Guttridge equipment used in the pharmaceutical manufacturing industry includes:
