Michelle Riddalls OBE, CEO of PAGB, the consumer healthcare association comments,

Today we welcome the publication of The UK’s Modern Industrial Strategy and its clear recognition of the life sciences sector as a driver of innovation, growth and global competitiveness. It’s positive to see specific reference to the role of branded medicines, as well as the importance of supporting the MHRA to operate as a more agile regulator.

With the Government looking to strengthen the UK’s position as a world leader in life sciences by 2035, it is vital that the over-the-counter (OTC) sector is fully recognised for its contribution to this. We know that the OTC market adds £3.5 billion to the UK economy annually and plays an instrumental role in supporting individuals to manage self-treatable conditions and reduce pressure on the NHS.

Innovation across the OTC sector is driven by providing widened access to new branded medicines and via the reclassification of medicines, from prescription-only to OTC. This allows people to access effective treatments more easily and safely, while also delivering substantial savings for the NHS. The economic impact of over-the-counter products in the UK, from Frontier Economics has shown that OTCs already save the NHS £6.4 billion a year, and more reclassifications could save an additional £1.4 billion annually.

We look forward to the publication of the Life Sciences Sector Plan – it is important that this also recognises and reflects the value of the OTC sector. Looking ahead, we welcome the opportunity to work with both the Government and MHRA to develop a forward-looking regulatory framework that supports growth, unlocks the full potential of reclassification, and ensures consumers can continue to access the safe, effective treatments they need.

References:

¹ Frontier economics. The economic impact of over-the-counter products in the UK. 12 July 2023.