MP hails zero tariff 'vital deal' on pharma

A CITY MP has hailed a “vital deal” to give the US zero tariffs on pharmaceutical products imported into the country, in return for the NHS spending more on medicines.

- By PA REPORTER

Import taxes on medicines and treatments will remain at 0 per cent for three years, the UK government said.

The Trump administration said the deal will lead to further investment by UK drugs firms in the US and create more jobs.

It comes after warnings that US pharma firms will shut down their sites in the UK if the NHS does not pay more for drugs.

Earlier this month, US ambassador Warren Stephens said further American businesses will axe future investments if “there are not changes made and fast”.

The row has been seen as a reason why US-based Merck and AstraZeneca cancelled or paused investments in the UK in recent months.