WASHINGTON (Reuters) -Britain wants to remain an attractive market for pharmaceutical firms, but in return the government wants to see more inward investment from foreign drugmakers, finance minister Rachel Reeves said on Thursday.
“We do need to make sure that we are an attractive place for pharmaceuticals, and that includes on pricing, but in return for that, we want to see more investment flow to Britain,” Reeves told reporters in Washington where she is attending meetings of world finance officials.
Her comments came after U.S. President Donald Trump pressured Europe to pay more for U.S. drugs and major pharma companies halted investments in Britain, citing a difficult operating environment.
Britain’s science minister Patrick Vallance has acknowledged that the country’s National Health Service needs to reverse a trend of declining spending on medicines.
Last month, Britain said it was pressing the United States on pharmaceutical tariffs in hope of a beneficial outcome, after Trump said a new 100% tariff would apply to firms unless they build a manufacturing presence in the country.
Reeves also criticised a move by China to tighten its export controls on rare earths.
Last week, China’s Ministry of Commerce restricted exports of a range of processing and manufacturing technology as well as barring companies from unauthorised overseas cooperation.
“I think that is the wrong decision, and I think that is dangerous for the global economy,” she said, adding that she welcomed moves by Canada and the United States to improve the security of critical mineral supplies.
(Reporting by David Milliken in Washington, Writing by William James and editing by William Schomberg and Louise Heavens)