Pharma and Life Sciences Survey Report
The pharmaceutical/life sciences and MedTech sector is one of the most successful and productive sectors in both the UK and EU.
The importance of this sector was taken into account during the Brexit negotiations which resulted in the Trade and Cooperation Agreement (TCA) being reached between the UK and EU, with at least the foundations put in place to allow the parties to work towards a permanent Mutual Recognition Agreement on regulatory matters.
Following UK’s departure from the EU, we wanted to know what businesses and decision makers were thinking of. We are pleased to report on the results of our survey where over 75 companies in the Pharma/Life Sciences/MedTech sector participated. Our questions were specific to funding, regulations, research & development (R&D) and investment and the impact of Covid-19 on these decisions.
The responses indicate R&D spending is being maintained and is set to rise this year. This is good news for the government’s objective of making the UK a world class destination for investment, talent and innovation.
According to the results, the majority of companies surveyed have either maintained their level of R&D spending since the start of the Covid-19 pandemic in March 2020 (40%) or increased it (21%) with only 17% reporting a decrease. In addition, when asked to make a prediction for their R&D spend across the course of 2021, 38% thought R&D spending would increase while a similar percentage (35%) thought it would remain the same and only 9.5% projected a decrease.
Download a copy of our latest newsletter using the link below. If you have any questions or would like to discuss your accounting and business advisory needs with one of our sector specialists, please contact Yogan Patel, Pharma and Life Sciences Partner directly or send us an online enquiry