LONDON Dec 11 GlaxoSmithKline is to
invest another 200 million pounds ($330 million) on advanced
manufacturing in Britain, the company said on Wednesday,
underlining the draw of a tax break designed to encourage
research and development.
Britain's so-called "patent box" scheme, which offers a
reduced rate of corporation tax on income derived from patents,
has been hailed by GSK, its biggest drugmaker, for transforming
the country as a place to invest.
Last year GSK announced it was building its first new
factory in Britain for 40 years as a result of the scheme. The
latest move will help it ramp up output of new lung drug Relvar,
produce the long-established antibiotic Augmentin and develop
innovative technologies for medicine production.
Britain's health minister, Jeremy Hunt, welcomed the new
investment. But not all Britain's European partners are as
enthusiastic about such patent box arrangements.
In July Germany called for a ban on these schemes, saying
they created unfair competition. Patent boxes also operate in
the Netherlands and some other European Union member states.