In a significant decision for the pharmaceutical industry, the UK First Tier Tribunal (FTT) has ruled in favour of Boehringer Ingelheim, allowing the company to reclaim £21 million of overpaid VAT. This ruling is a major development for suppliers of branded medicines to the NHS, offering clarity on how VAT should be treated in relation to rebate payments under the UK’s voluntary price control schemes.
Recent developments suggest that the R&D tax credit regime, established almost 25 years ago to support innovative UK businesses, is facing critical challenges. Although it has played a crucial role in driving value creation in sectors like pharmaceuticals and life sciences, its effectiveness is increasingly questioned.
In the last few weeks, we have seen both the ransomware attack on the NHS in the news, and more recently, the impact caused by a software bug in an update from a cyber security firm, causing IT outages across the globe. These two incidents, added to the traditional high risks of issues such as bribery and corruption, stress the importance of third party risk management and due diligence.
Pharma and life sciences businesses, understandably, tend to focus on the science and development of ideas and the groundbreaking therapies this might lead to. However, leveraging all available resources, such as allowances and tax reliefs, is also something these companies should be considering. While leading pharmaceutical companies have large departments dedicated to this, smaller businesses in...
Pharma and life sciences companies should act now to prevent impact on drug production capabilities and business viability.
Mazars is committed to supporting the pharma and life sciences sector; helping companies to navigate disruption, embrace innovation and grow with confidence. That’s why we recently partnered with FT Live for their Global Pharma and Biotech Summit - bringing the industry together to explore the latest trends, share top expertise and drive growth.
Nigel Layton, our Global Head of Pharma & Life Sciences and UK Head of Investigations, gives his insight on anti-bribery and corruption within the pharma and life sciences sector.
The pandemic demonstrated beyond any reasonable doubt that the life sciences, pharma and healthcare sectors play a critical role in society. Developing, testing and manufacturing vaccines was key to beating Covid-19.
Life sciences organisations currently have great potential to thrive in the UK however, they are also facing significant challenges which, if not managed correctly, will limit this opportunity. Hear from industry experts to learn what boards must consider to successfully govern in this post-Covid era.
Clearly, Jeremy Hunt was wanting to champion the importance of the life sciences sector to the UK’s economy. It was probably singled out more times in his speech than any other sector and a few of the reforms announced today go some way to address criticism around the competitiveness of the UK corporation tax system for this sector, particularly in advance of the rise of the headline rate to 25% from...
Amidst uncertainty in the wider economy, life sciences companies need to be better prepared to de-risk investment decisions and complete transactions. Whilst this may have a short-term impact on M&A activity, we expect deal volumes to recover by the end of the year.
The tax implications arising from the paradigm shift to remote working and virtual collaboration this past year in the pharmaceutical and life science sector are complex on different levels.
Bringing new drugs to market is risky, lengthy, complex, and costly, so pharmaceutical companies are rationalising their major R&D centres worldwide to collaborate with partners. This is where international R&D tax incentives play their part.
Pharmaceuticals, as one of the largest global industries, has a significant role to play when it comes to climate change.
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