Life Sciences Investment Debate
Full Debate: Read Full DebateDepartment: Department for Digital, Culture, Media & Sport
Danny Beales
Main Page: Danny Beales (Labour - Uxbridge and South Ruislip)Department Debates - View all Danny Beales's debates with the Department for Digital, Culture, Media & Sport
Life Sciences Investment
Danny Beales Excerpts(1 day, 15 hours ago)
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Ian Murray
At this stage, I am not aware that there will be any downside to the entirety of the ecosystem that revolves around the King’s Cross area of London. This decision has obviously come very late to the Government, and we will work with MSD on the future. However, as we have heard from my hon. Friend the Member for Gravesham (Dr Sullivan), there is a very bright future for this particular cluster, and for all the other clusters we have heard about from other Members across the Chamber this morning.
Danny Beales (Uxbridge and South Ruislip) (Lab)
For transparency, I should declare that I was the director of the Knowledge Quarter partnership in King’s Cross and cabinet member responsible for negotiating the MSD headquarters deal. It is disappointing news today. Turning to my current constituency, I hear from a number of life sciences and pharmaceutical companies that they have concerns about the previous Government’s levy under VPAG—the voluntary scheme for branded medicines pricing, access and growth—and how it is working in practice, in particular that it is focused on revenue, not profit, and does not take into account the differential level of R&D needed. Celltrion, a South Korean company in my constituency, highlights that biosimilar medications require a lot more investment than other forms of pharmaceuticals. Will the Minister or his counterpart meet me and Celltrion to discuss the biosimilar sector and how we can support it to grow?
Ian Murray
I am grateful to my hon. Friend and would be happy to take him up on that meeting to hear about his experience directly. He raises the big issue around the legacy left by the previous Government after 15 years of underinvestment in medical pricing. The Health Secretary made a £1 billion offer to the pharmaceutical industry over the summer, which the pharmaceutical industry decided not to vote on, so it was withdrawn, which was disappointing. The last deal was done in 2023 under the previous Government. This is a long-term issue that must be resolved.