Brexit to swallow £70m meant for developing cancer drugs, says GSK

GlaxoSmithKline executive issues warning as Liberal Democrats say cost of medicine imports has already jumped by £5m

Up to £70m will have to be diverted from developing new cancer drugs in order to prepare for the impact of Brexit, Britain’s biggest maker pharmaceuticals of has warned.

In a stark intervention over the extra costs being incurred, Phil Thomson, president of global affairs at GlaxoSmithKline (GSK), made clear that something approaching the figure would have to be spent whatever the outcome of trade talks.

Related: Brexit: May urged to stay in single market by 20 British MEPs

Related: GlaxoSmithKline set to build drug testing plant in Europe

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