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The UK must act swiftly to fend off competition if it wants to build the world's leading life sciences sciences hub, a new report suggests. A year on from the launch of the government's life science vision, the report commissioned by the the Association of the British Pharmaceutical Industry said although achieving the ambition remained feasible, the UK would need an attractive business environment because its competitor countries were becoming more adept at attracting investment. To achieve the ambition of the vision, the PwC-produced report suggested raising pharmaceutical R&D investment in the UK to build a 'stronger manufacturing and research infrastructure', alongside better investment in, access to and uptake of innovative medicines. It said the UK would also need to adopt a renewed approach to the priority healthcare challenges identified in the government's 'Life Science Vision', which would mean cutting the overall burden on health of dementia, cancer, cardiovascular and respiratory disease and mental health. The report quantified the size of the prize if the vision was implemented in full and the UK could emulate the successes of leading EU countries, which included: £68 billion in additional GDP over 30 years, owing to increased R&D investment £16.3 billion additional annual GDP from increased pharmaceutical exports Supporting 85,000 additional jobs Up to 40 per cent decrease in disease burden across the whole UK - for areas like cardiovascular disease, mental health conditions and Cancer. Reduced variation in speed of access to new medicines within three months of licensing for all NHS patients.

Medical sector has the third highest number of businesses currently for sale, with hospitality and retail technology firms most likely to sell up next year, according to the UK Business Investment Report. There are 4,300 registered medical businesses in the UK, and approximately 355 (one in every 12.11) are currently up for sale. Topping the list was the hospitality sector with one in every 9.88 businesses up for sale, ahead of retail technology businesses (1 in 10.13). At the bottom of the table were owners of agriculture businesses with just one in every 943 businesses up for sale. Transportation and software/IT business owners followed in a similar manner with one in every 802 businesses being up for sale.

ITV on Tuesday (Aug 15) said it had agreed to invest in pain relief brand Flarin Holdings Ltd, making it the British broadcaster's first consumer healthcare investment. The company has agreed to subscribe for £2 million worth of shares in Flarin, with an option to subscribe for two more tranches of 1.5 million pounds each. In return, Flarin would get advertising space across ITV's channels and ITVX. ITV said its investment will "help Flarin build mass market brand awareness by bringing the brand to millions of consumers via ITV platforms. This will be a step change in the size of the campaign and the approach to scaling the Flarin brand to date." Director of ITV AdVentures, Sheena Amin, said: "It's fantastic to be announcing our latest Media for Equity investment into Flarin. With its innovative and patented lipid technology, Flarin offers many unique benefits to those suffering from joint and muscular pain compared to any other product on the market. Flarin is already one of the fastest growing analgesics in the market and I am confident that we will see the company grow to new heights following a brand building campaign across ITV."

Superdrug, one of the leading health and beauty retailers, is all set to invest in 25 new stores this year, expanding its bricks-and-mortar retail footprint. It confirmed with Pharmacy Business that amongst its 25 new stores there "will be a mix of pharmacy and retail stores". The venture is expected to create over 570 jobs nationwide, creating a seamless customer experience and providing vital support for high streets and local communities. The investment, part of the brand's O+O (Online + Offline) platform strategy to deliver its omnichannel ambitions, is driven by continued strong performance figures. In Q4 2022 Superdrug reported increased volume and value sales and footfall across both sides of the beauty and health business. Whilst in 2021 revenue rose 5.1% to £1,168million with a profit before tax increase of 141.3%. The investment strategy has already seen Superdrug open new stores in Washington Gallery and Falkirk Retail Parks in February 2023 and in Braehead, the largest Superdrug in Scotland, just last month.

The Health Committee's new report has reminded the government of a much-needed pharmacy workforce plan to support recruitment, training, and retention of staff. The report makes a number of recommendations to optimise workloads across primary care, reduce pressure on general practice and hospitals, and support the integrated care systems. It also recognises the potential of pharmacist independent prescribers to support patient care, backed by appropriate supervision, training, and opportunities for professional development. RPS England gave evidence to MPs on the Committee at a public hearing in May, highlighting key issues to support the pharmacy workforce. RPS director for England, Ravi Sharma, said: "Today's report underlines the urgent need for the Government to set out a comprehensive workforce plan for health and care. "It rightly recognises that boosting recruitment and retention, supporting staff wellbeing, fostering inclusion and diversity, and investing in education and training will be crucial to the future of the NHS.

The current structure of global incentives to develop new antibiotics is insufficient and requires urgent resolution revealed a new report 'Incentivising new antibiotics' by the Office of Health Economics (OHE). OHE analysis demonstrates that on a global level, it is estimated that an effective 10-year incentive would require £3.5bn ($4.2bn) to adequately cover the entire research and development process for a new antibiotic. The report considers how health systems in the UK and around the world can stimulate the research and development (R&D) of new antibiotics. In 2020, the National Institute for Health and Care Excellence (NICE) and NHS England initiated an Antimicrobial Resistance pilot with the aim of incentivising pharmaceutical companies to develop new antibiotics by addressing the issues associated with reimbursement, which historically has deterred companies from pursuing AMR research.

After a year-long divestment spree, LloydsPharmacy has entered into liquidation and appointed Turpin Barker Armstrong Accountants to handle the process. In its statement of affairs report, the liquidators confirmed that the pharmacy group owes £293m to 514 creditors. This includes £228m owed to the group's former owner Admenta UK and £50m to Aurelius Crocodile - a holding company that was used to control the pharmacy business. However, creditors are set to lose out on approximately £255m as only about £8.2m can be recovered for preferential creditors and £800,000 for its unsecured creditors, the liquidators said. The healthcare chain was acquired by Aurelius when the investment firm took over its parent company, McKesson UK in 2022 for £477m.

Community pharmacies are located within the very hotspots of peoples' communities, yet a staggering 720 individual businesses have stopped trading since 2015. It has been called a "national disgrace and a betrayal to the elderly and the vulnerable" by sector leaders. The funding crisis has been compounded by a gruelling 18-24 months post-Covid, both have which have placed immense pressure on the retail pharmacy sector. The population is aging and with this comes patients living with a range of long-term health conditions. Medication regimes are becoming ever more complex and as a result, maintaining prescription and medication adherence services is challenging to say the least. Yet the public feel great warmth towards their local pharmacy businesses, and this positive attitude only increased during the pandemic. In fact, in a recent report launched by Omnicell on the Changing Role of the Pharmacist, a survey of public opinion found that a third (32 per cent) said they perception of their local pharmacy had changed for the better since the start of the pandemic and nearly half (44 per cent) said they are more familiar with their local pharmacy services since the start of COVID. This has meant that the role of the pharmacist has also changed and evolved; in part due to a national need and drive for more patients to be seen and supported clinically by pharmacists. This change of service provider role has slowly been developing over the last couple of years. Pharmacists are currently carrying out 65 million consultations a year - a staggering rise of 44 per cent in the last 24 months alone.

The Community Pharmacy England Committee has adopted a new approach to engagement with sector by inviting all pharmacy owners to share their views on pharmacy's finances, pressures and capacity ahead of its meeting in July. It has sought views of pharmacists via short poll by Sunday (2 July) and will have a discussion on the poll results at the meeting before reporting back to the sector afterwards. The key focus for July Committee Meeting will be to make most of £645m for the community pharmacy sector, and also on the ongoing work to make the wider case for more investment in the sector. This new way of working follows association's rebrand on 30th May which signalled the start of its new approach to engagement to help them to build stronger relationships with pharmacy owners. The association hopes this new approach will help them better engage with members and listen to pharmacy's views better.