Innovation in the UK pharmaceutical industry is set to receive a boost thanks to new measures described in yesterday's budget by Chancellor George Osborne.
An additional 100m is to be invested in science innovation facilities within the country, and reducing clinical trial approval time frames from 600 days to 60 days are moves that hope to attract pharmaceutical companies into the country.
Whilst outlining his 'vision for growth', Osborne said, "I want Britain to be the place international business go to, not the place they leave."
Other measures made to benefit pharmaceutical companies based in the UK include a reduction in corporation tax over the next three years to 23%, as well as capital allowances and relaxed planning permission restraints for facilities built within designated 'enterprise zones'.
Source: pharmaceutical-technology
