Abstract
According to the recent independent report from the Office of Fair Trading (OFT), the government's financial watch-dog, the UK system for regulating drug prices has failed to deliver cost effective medicines for the National Health Service. Although the UK market only accounts for 3.45% of global pharmaceutical sales, it is thought that it can affect 25% of global demand as there are many countries that set their prices by reference to the UK. UK prescription drug expenditure amounts to approximately £11 billion per annum, of which approximately £8 billion is spent on branded, on-patent medications. The potential for reform of the UK pricing mechanism to produce much larger gains through driving investment in areas of clinical need is considerable.
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