GlaxoSmithKline (GSK), the world leader in pharmaceuticals, is planning to create new pharmaceutical jobs in response to a plan to cut tax to 10% on revenues from patents developed in the UK.
Alistair Darling, the Chancellor announced plans for the new special tax regime for patents, known as the ‘patent box’ in December. The plans are part of a drive to make Britain more attractive to high-technology companies, including those in the pharmaceutical and biotechnology industries.
According to the Times Online, 600 new jobs with be created in the biopharmaceutical sector, and 400 elsewhere in the company.
Speaking of the new pharmaceutical jobs, Andrew Witty, CEO of GSK, stated the majority of jobs would be high-paid, high-skilled ones and that for every direct job created, three or four more will be created indirectly.