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ABPI welcomes patent box

The Association of the British Pharmaceutical Industry (ABPI) has welcomed Alastair Darling's proposed 'patent box'

The Association of the British Pharmaceutical Industry (ABPI) has welcomed the proposal for a 'patent box' outlined by Chancellor Alastair Darling in his pre-budget report.

The patent box is being introduced to encourage research and development within the UK from the pharmaceutical and biotech industries. In his speech, Mr Darling said he would bring in a 10 per cent corporation tax rate on income that stems from patents in the UK.

Dr Richard Barker, director-general of the ABPI, said: "The ABPI commends government for taking a step that will bring advanced pharmaceutical manufacturing investment back to Britain.

"It is one of the most important outcomes of the work we have been doing with government through the Office for Life Sciences, and we look forward to working with government to finalise the design to maximise its impact on companies' investment decisions."

The move was one of the measures outlined in the Office for Life Sciences Life Sciences Blueprint, published in July 09. It has also been welcomed by the BioIndustry Association.

15th December 2009

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