UPDATED: GSK investing in U.K. vaccine manufacturing
In response to the U.K. government's decision to implement a "patent box" strategy, GlaxoSmithKline ($GSK) has announced that it intends to invest more than £500 million ($794 million) and create up to 1,000 jobs in U.K. manufacturing of vaccine and pharmaceutical ingredients. The "patent box" gives companies a tax break on income from patents that originate in the U.K., in a move that Patrick King, tax partner at accounting firm MHA MacIntyre Hudson, describes as "key to ensuring manufacturing continues in the U.K.," according to smallbusiness.co.uk. GSK's plans include investment in Montrose in Scotland, where the company will make aluminum adjuvants used particularly in Europe to improve the immune response to vaccines, and it's the first time a GSK U.K. site has manufactured ingredients for vaccines. GSK's CEO Sir Andrew Witty said: "The introduction of the patent box has transformed the way in which we view the U.K. as a location for new investments, ensuring that the medicines of the future will not only be discovered, but can also continue to be made here in Britain." Release | Article
NOTE: This story had been updated to note that MHA MacIntyre Hudson is an accounting firm.