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The UK has witnessed a nearly 50 percent increase in pharmacy closures this year compared to the same period in 2023, which was already considered the worst year in recent memory. A new analysis by the National Pharmacy Association (NPA) revealed that 177 pharmacies closed their doors between January and April 2024, compared to 116 in the same period last year. This is the equivalent of 10 local pharmacies shutting down every week. Analysis of NHS figures by the NPA showed that 403 pharmacies closed their doors last year, nearly five times higher than the number that closed in 2022. Since 2017, over 1,400 pharmacies have shut down across the UK. Rising costs and declining real terms funding have led to the fastest rate of closures in decades, said the NPA, highlighting that "real terms funding has decreased by 40 per cent over the last decade."

The British Generic Manufacturers Association (BGMA) has warned that England's 42 integrated care boards (ICBs) may need to allocate an extra £37 million from their budgets annually for the next five years due to the spiralling tax rates. The government's Voluntary Scheme for Branded Medicines Pricing and Access (VPAS) rebate rate increased more than five-fold in the past two years, the BGMA said in its white paper released on Monday (October 30). The report, conducted by consultancy firm Conclusio in consultation with local NHS leaders, examined the potential effects of the VPAS on ICB budgets. BGMA said that due to the elevated VPAS rate, each ICB in England will experience significant increases in expenses for branded generics and biosimilars annually - a consequence of reduced competition.