US EditionPublished • loading... • Updated
Blow for UK drugs sector as Merck scraps £1bn expansion
- US drug giant Merck, known as MSD in the UK, scrapped plans for a £1 billion research centre in London's King's Cross, announced construction was underway and was due to complete in 2027, but it will now shift research to the US causing 125 job losses.
- The decision reflects Britain's declining global pharmaceutical competitiveness amid falling foreign investment, reduced R&D by nearly £100 million in 2023, and growing tensions over NHS drug pricing and clawback taxation rising to 22.9%.
- MSD and other firms blame successive governments for undervaluing innovative medicines, poor investment climate, and inadequate support compared to other countries actively attracting mobile global investment.
- Industry leaders warn that without a more competitive environment and removal of barriers, UK risks further losing out to international rivals, with Richard Torbett calling Merck's move a "real blow" to Britain's life sciences ambitions.
- The UK government defended its investment plans, acknowledged more work is needed, pledged support for affected employees, and emphasized life sciences as a priority sector despite recent setbacks including AstraZeneca's cancelled £450 million vaccine plant.
Insights by Ground AI
Podcasts & Opinions
49 Articles
49 Articles
Evening Standard+3 Reposted by 3 other sources
Merck scraps £1bn London expansion as report warns UK drugs sector ‘losing out’
UK pharmaceutical sector ‘risks losing investment to other countries’.
·London, United Kingdom
Read Full Article
Coverage Details
Total News Sources49
Leaning Left9Leaning Right8Center8Last UpdatedBias Distribution36% Left
Bias Distribution
- 36% of the sources lean Left
36% Left
L 36%
C 32%
R 32%
Factuality
To view factuality data please Upgrade to Premium
