US Ambassador to the UK Warren Stephens warned American pharmaceutical companies will shut down their facilities in Britain if the National Health Service does not increase payments for medicines. Speaking at a British-American Business gala lunch at London's Savoy Hotel on Wednesday, he stated that swift changes to pricing structures are essential to prevent further investment cancellations.
Stephens outlined the severity of the situation: «Multiple pharma companies have cancelled future investments here, and there is a growing list of drugs not being offered to UK citizens.» He added: «If there are not changes made and fast, pharma businesses will not only cancel future investments, they will shut down their facilities in the UK.»
The warning comes as the UK government considers raising NHS drug payments by up to 25 percent, partly to avert potential tariffs threatened by US President Donald Trump. In recent months, US-based Merck and AstraZeneca have already cancelled or paused investments in Britain. The ambassador acknowledged: «I understand progress is being made on this as we speak, which is a good first step.»
Energy Policy Criticism
Stephens identified UK energy costs as a broader deterrent to American business. «Energy costs in the United Kingdom are too high on which to run an industrialised economy», he said. Every business across all sectors complains that energy costs make the UK expensive and difficult for operations, according to the ambassador.
He warned that without major reforms to energy policy, Britain's position as a premier global economy is vulnerable. «This would be a major blow to a country that prides itself, rightly so, on its life sciences sector», Stephens said. The permitting process for business expansion also presents significant obstacles, he noted.
Note: This article was created with Artificial Intelligence (AI).
