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UK finance minister Rachel Reeves said the country expects increased investment from pharmaceutical companies if it agrees to raise drug prices as part of ongoing trade talks.
U.S. President Donald Trump has repeatedly urged European nations to pay more for American-made drugs. He’s also considering a 100% tariff on foreign pharmaceutical firms that do not establish factories in the U.S.
The discussions come as both sides seek preferential terms on pharmaceutical tariffs.
Reeves told Reuters that the government is "working very closely" with U.S. officials to secure lower tariffs for British firms.
However, she acknowledged industry concerns over the low prices paid for drugs by the U.K.'s National Health Service (NHS) and other regulatory challenges.
Reeves told reporters that the country needs to be an attractive place for pharmaceuticals, including in terms of pricing, but in return, it wants to see more investment flow.
The finance chief said London has made progress in negotiating lower tariffs with the U.S. in other sectors and wants similar gains for the pharmaceutical sector.
Last week, UK ministers were preparing to increase the amount the NHS pays pharmaceutical firms for medicines by up to 25%. This follows weeks of intensive discussions with the Trump administration and drugmakers.
The move comes as the UK faces mounting pressure to align drug prices with international standards while addressing stalled pharmaceutical investment.
In August, drug pricing talks between the U.K. government and pharmaceutical companies collapsed. Industry leaders warn that the standoff could deter investment.
U.S. drugmaker Merck & Co. Inc. (NYSE:MRK) announced it would cancel its planned $1.36 billion (approximately 1 billion Sterling pounds) London research center. It blamed Britain’s slow progress on life sciences investment and the undervaluation of innovative medicines by successive governments.
AstraZeneca Plc (NASDAQ:AZN) also paused a planned investment of 200 million pounds ($271.26 million) in its Cambridge research site.
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