Thriving Bioscience Sector: 2021-2022 Growth Amidst UK Medicine Rebate Challenges
4 months ago
The statistics for the Bioscience and Health Technology sector from 2021 to 2022 indicate consistent year-on-year growth in businesses (6,850), sites (7,910), employment (304,200 people), and turnover (£108.1bn) within the life sciences industry, particularly in the biopharmaceutical sector.
Nevertheless, it's essential to note that the data released today encompasses the years of the Covid-19 pandemic. Additionally, it does not encompass the period of historically high and internationally uncompetitive medicine rebate rates in the UK under the Voluntary Scheme (VPAS). These rates increased from 5.1% in 2021 to 15% in 2022 and further rose to 26.5% in 2023.