Force India will be one of the first teams to show off their 2017 Formula One car after announcing a Feb. 22 launch at their Silverstone home base.
The Mercedes-powered team, who have a changed driver lineup with 20-year-old Frenchman Esteban Ocon joining Mexican Sergio Perez in place of Germany’s Nico Hulkenberg, finished a best ever fourth overall last year.
The team rolled out their 2016 car in Barcelona last February, before principal Vijay Mallya had his Indian diplomatic passport revoked in April with a judge in Mumbai issuing a non-bailable warrant for his arrest.
Indian authorities trying to recover about $1.4 billion from his collapsed Kingfisher Airlines want to question Mallya, who last March flew to Britain where he has an indefinite right of residency.
Mallya attended only one race in 2016, the British Grand Prix at the circuit across the road from the team’s Silverstone factory, and watched the rest remotely.
World champions Mercedes will launch their new car at Silverstone on Feb. 23, with Ferrari next out on the 24th in Italy.
Pre-season testing starts in Barcelona on Feb. 27 with other teams expected to present their cars at the Circuit de Catalunya on the opening day.
Teams usually leave launches as late as possible, unless they are just to show off a new livery on an old car, to give themselves as much time as they can to finalise new developments.
They will want to start testing with the new cars, however, because 2017 sees new rules with bigger tyres and changed aerodynamics that could shake up the pecking order.
UK life sciences sector contributed £17.6bn GVA in 2021 and supports 126,000 high-skilled jobs.
Inward life sciences FDI fell by 58 per cent from £1,897m in 2021 to £795m in 2023.
Experts warn NHS underinvestment and NICE pricing rules are deterring innovation and patient access.
Investment gap
Britain is seeking to attract new pharmaceutical investment as part of its plan to strengthen the life sciences sector, Chancellor Rachel Reeves said during meetings in Washington this week. “We do need to make sure that we are an attractive place for pharmaceuticals, and that includes on pricing, but in return for that, we want to see more investment flow to Britain,” Reeves told reporters.
Recent ABPI report, ‘Creating the conditions for investment and growth’, The UK’s pharmaceutical industry is integral to both the country’s health and growth missions, contributing £17.6 billion in direct gross value added (GVA) annually and supporting 126,000 high-skilled jobs across the nation. It also invests more in research and development (R&D) than any other sector. Yet inward life sciences foreign direct investment (FDI) fell by 58per cent, from £1,897 million in 2021 to £795 million in 2023, while pharmaceutical R&D investment in the UK lagged behind global growth trends, costing an estimated £1.3 billion in lost investment in 2023 alone.
Richard Torbett, ABPI Chief Executive, noted “The UK can lead globally in medicines and vaccines, unlocking billions in R&D investment and improving patient access but only if barriers are removed and innovation rewarded.”
The UK invests just 9% of healthcare spending in medicines, compared with 17% in Spain, and only 37% of new medicines are made fully available for their licensed indications, compared to 90% in Germany.
Expert reviews
Shailesh Solanki, executive editor of Pharmacy Business, pointed that “The government’s own review shows the sector is underfunded by about £2 billion per year. To make transformation a reality, this gap must be closed with clear plans for investment in people, premises and technology.”
The National Institute for Health and Care Excellence (NICE) cost-effectiveness threshold £20,000 to £30,000 per Quality-Adjusted Life Year (QALY) — has remained unchanged for over two decades, delaying or deterring new medicine launches. Raising it is viewed as vital to attracting foreign investment, expanding patient access, and maintaining the UK’s global standing in life sciences.
Guy Oliver, General Manager for Bristol Myers Squibb UK and Ireland, noted that " the current VPAG rate is leaving UK patients behind other countries, forcing cuts to NHS partnerships, clinical trials, and workforce despite government growth ambitions".
Reeves’ push for reform, supported by the ABPI’s Competitiveness Framework, underlines Britain’s intent to stay a leading hub for pharmaceutical innovation while ensuring NHS patients will gain faster access to new treatments.
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