These priorities are; 1) growth of a diversified global business, 2) delivery of more products which offer more value, 3) simplifying operating model.Grow diversified global business by creating a balanced business and product portfolio capable of delivering sustainable sales growth. The main business areas are pharmaceuticals, vaccines and consumer healthcare which provide the company significant competitive advantages and opportunity of synergy.Deliver products of value: The Company has re-engineered the research and development (R&D) division in the organisation to develop a whole bunch of products that offer improvement in treatment of patients and healthcare providers. The company has outsourced the research activities allowing access to new areas of science and share the risk of development of its partners.Pharmaceutical companies are making great contribution to the economy of UK, higher than most other high-tech industries. The National Health Service (NHS) accounts for more than 98% of UK’s prescribed medicines market, which is the sixth largest pharmaceutical market in the world. Most of this market is driven by approximately 35,000 general practitioners (GPs) of UK. The Pharmaceutical industry of UK is an open market, where the leading foreign companies and brands have strong presence.While the growth rate of this market has been decelerating, it remains one of the fastest growing components in NHS expenditure. The NHS does not generate any kind of national reimbursement list, but the UK government has adopted several means to keep medicines expenditure under control. These include cash incentives and constraints for GPs, expenditure on medicines, individual quarterly updates on GP prescriptions, the publication of a list of medicines that cannot be prescribed by GPs, the switching of some prescription-only medicines to over-the-counter medicines, and a co-payment system. The pharmaceutical industry has generally performed relatively well in the UK market, managing to preserve incentives to innovation.Drug makers and governments has increasingly entered into the agreements that provide some form of risk- sharing or price protection for new drugs. Since most European governments, including the UK authorities, are focussing on cost containment in the healthcare sector, alternative pricing schemes for medicines allow for budget control, as well as providing patients with access to highly innovative treatments.Recently the European
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Forecasted Budget for the Year 2013-2015 taking 2012 as the base year
2012 (£ million)
2013 (£ million)
2015 (£ million)
Realised gains on liquid investments
Disposal of equity investments
Fair value hedges
Reclassification of cash flow hedge from other comprehensive income
Unwinding of discounts on provisions
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