The Fading Recovery
Why the UK generics market is becoming faster at eliminating returns than at restoring them, and what that means for supply investment
Upward price resets are getting larger, yet more of them fail to last. Drawing on pharmacy transactions, wholesale prices, cascade purchasing and the Category M record since 2015, the paper asks whether the UK can still repay the supply investment that low prices depend on.
- 27.3%of substantial Category M tariff increases lost at least three-quarters of their uplift within 12 months, 2023–26
- 55.5%of observed Category M pharmacy orders bought for under £1 a pack, September 2026
- 2 → 4typical marketing authorisations at Category M entry, 2020–22 vs 2023–25 cohorts
