§ Mr. Kennedy
asked the Secretary of State for Social Services what steps his Department is taking to encourage inward investment in pharmaceuticals; and if he will make a statement.
§ Mr. Hayhoe
One of the purposes of the pharmaceutical price regulation scheme (PPRS) is to ensure that the United Kingdom offers a fair return for pharmaceutical innovation and investment. My right hon. Friend in his reply to my hon. Friend the Member for Stevenage (Mr. Wood) on 19 June at columns588–89 announced that negotiations for a renewal of the PPRS had been completed and that the industry was being consulted on the outcome. I hope that the revised scheme will provide a period of stability for the industry and renewed confidence to encourage further investment.