GlaxoSmithKline has said that incentives such as the Patent Box make the UK an attractive location for investment, and it has announced that it will be spending £275 million on manufacturing facilities.
On 27 July, the pharmaceutical giant said that the money would be shared between three of its UK sites to boost production and support delivery of its respiratory and large-molecule biological medicines. GSK said that the vast bulk of the products would be exported to global markets.
The company said that a number of factors made the UK an attractive place for such investments: the skilled workforce, technological and scientific capabilities and a competitive corporate tax system. In a statement, GSK highlighted the Patent Box, which encourages investment in R&D and related manufacturing in the UK by delivering a lower rate of corporation tax on profits generated from UK-owned intellectual property, as a particularly appealing incentive.
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