Core Viewpoint - The UK has been declining as a leader in biopharmaceuticals due to policy mistakes, making it unattractive for investment, which should serve as a warning to US policymakers [2][5]. Investment Environment - The UK market has become increasingly unattractive for investment over the years, despite having a strong academic and scientific base [3][5]. - The company has paused investments in the UK, awaiting policy changes from the new administration [4][5]. Policy Issues - The UK pricing system for new medicines is outdated, pegged to a value from 1997, which has not adjusted for healthcare inflation of 4-5% per year, effectively debasing the value of new medicines [6][7][8]. - The UK spends half per capita on medicine compared to the US on a GDP-adjusted basis, indicating a need for policy reform to improve investment attractiveness [8]. - A tax imposed on the pharmaceutical industry for budget overruns in healthcare, which was 23% of sales last year, is seen as detrimental to attracting investment [9][10]. Global Competition - The US is a leader in the invention of new medicines, with 70% of global new medicines developed there, highlighting the importance of maintaining overseas markets for these products [14][15]. - The current pricing policies in Europe, including the UK, hinder the ability to raise prices and attract investment, which is essential for the sustainability of the industry [11][15]. Market Dynamics - The reimbursement process for new medicines in the UK is slow, often taking years, which contrasts with the immediate availability of new products in the US [18][19]. - The company believes that if the UK were to reimburse certain medicines, such as Mjaro for obesity, it could significantly impact health costs in the country [17].