Eli Lilly CEO David Ricks addresses UK, US investments
Biofarmautic companies should take into account US policy makers when they return to investments in the UK. Hand Lilly Dave Ricks, Chairman of the Executive Board, said in an interview with CNBC.
Lilly recently paused a biotechnology incubator in the UK, Gateway Labs, and controls the price of branded drugs if companies spend more than expected, by participating in other biophaic companies that invest in the country with concerns about drug pricing and other policies in the UK. Approximately 23% of this year were higher than foreseen and became widespread. push from the sector.
“Britain, from a leader in biofarmasies to a delay, was on the path of a slow shift and a series of policy errors in the last 20 years,” Ricks said. He said. “Most importantly, the fact that their markets are not really attractive to us and becomes more attractive every year.”
“Therefore, a global competition for resources, in the context of global competition for investments, they are quite weak, and this is despite a strong academic, scientific base.”
Ricks said that Lilly negotiated with British policy makers about the changes around intellectual property and regulation, but paused these discussions while waiting for a policy reaction from the British government. He said that the negotiations between the United States and the United States can “relax” about a trade agreement, but “quite difficult” to invest in there until the situation changes.
“This goes where this capital wants, where it is the benefits of investing. And right now, it’s not really England.” He said.
In the UK and other countries in Europe have given priority to controlling the cost of drugs. For the first time, US deputies have given Medicare the ability to negotiate drug prices for the first time, and President Donald Trump wants to go further with floating ideas, such as connecting the price of drugs in the US to the payment rate of similar countries. Meanwhile, Trump follows the tariffs for drugs with a movement that will exempt its peers from taxes for decades.
Trump wants European countries to pay more for drugs and the US to pay less. Pharmaceutical companies like Lilly said that they have participated in this goal, but it is not clear how to achieve it. Ricks said European companies “masters in the art of keeping prices low.”
“It is difficult to be honest, and therefore we need everyone to help the US government and the US Ambassador to the US commercial relations, the Ministry of Commerce and us.” He said. “If we don’t have a market abroad, I think it’s a big problem.”
“I think it spoke about the objectives of management pricing policies, to increase the pricing in developed countries and to reduce in the USA.” “And conceptually, we need to see the facts about the change in Europe. They haven’t done it so far, and England is the best example of this.”
Lilly recently increased Mounjaro’s price in the UK in the private market. Ricks said that because these sales were not a big part of global income, Lilly would be a “little thing for the job of Lilly, but he pointed out as an example of where England has fallen. The country only covers the pesticide in limited conditions, ie most people who take for weight loss are paid from their pockets.
“This is part of the problem that expensive new drugs are not listed or three, four, sometimes expected five years, and then your patent is almost full. So these are the things we need to change from our government.” He said. “We are releasing a new product in the USA, there is the next day. This is not the case in Europe, and this kind of pressure on companies is one of the reasons why people can see lower prices with these government -oriented systems I speak.”
