The UK and Europe should do more to attract investment from the pharmaceutical industry to prevent companies going elsewhere, according to a top AstraZeneca Plc executive.
(Bloomberg) — The UK and Europe should do more to attract investment from the pharmaceutical industry to prevent companies going elsewhere, according to a top AstraZeneca Plc executive.
The European region needs to look at speeding up regulation when it comes to authorizing new medicines and create greater incentives for innovation, Astra’s Global Head of Operations and IT Pam Cheng told Bloomberg Radio in an interview at the Bloomberg New Economy Gateway Europe Forum in Ireland Wednesday.
In a blow to the British government, Astra decided in 2021 to invest in new manufacturing in Ireland over the UK. Astra Chief Executive Pascal Soriot has cited tax and Ireland’s commitment to green energy as reasons for the UK drugmaker’s decision, but Cheng said there is also a lack of impetus when it comes to innovation.
“It’s not just about tax, it’s not just about the financial implications,” when you’re deciding where to invest in manufacturing, Cheng said. “We would like the UK government to focus on innovation, value innovation, act faster around innovation and some of the regulatory means, and really give incentive for companies to be driving innovation” within the UK.
Cheng also said there were problems in Europe with the speed of regulatory authorizations. Authorization for new medicines lags behind the US by about 200 days, according to Cheng.
Read more: AstraZeneca CEO Says UK Tax Rate Deters Pharma Investment
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