The United Kingdom is reportedly close to finalising a major pharmaceutical trade deal with the United States, which will remove import tariffs on UK pharmaceuticals to the US market. The deal is one of the most significant bilateral trade deals between the two countries in recent years.
According to industry sources, the UK is set to reduce the industry sales rebate rate applied to the price of medicines in the NHS as part of the concessions swap. The move is expected to ease the financial burden on drug manufacturers and increase investment incentives.
The deal is also expected to introduce improvements to the NHS cost-effectiveness measures used to assess and bid for medicines. This could affect the way drug valuations are carried out and potentially open up bidding for more flexible prices.
The UK government will also commit to increasing the proportion of the NHS budget earmarked for medicines, a policy change that could boost access to cutting-edge treatments while increasing sales opportunities for pharmaceutical companies.
Overall, the deal is expected to be beneficial for both parties, with the UK enjoying tariff-free access to the world's largest pharmaceutical market, while the US potentially receiving a more stable pricing and valuation structure for medicines. As a result, it could overhaul the way the NHS manages the purchasing and funding of medicines.
