undervalue

Many pharma and biotech pipelines may be undervalued, just as the shares of many health insurers and medical device makers may be closer to a bottom than any discernible top.

The multi-national business, known as MSD in Europe, said it would move its life sciences research to the US and cut UK jobs, blaming successive governments for undervaluing innovative medicines.

The multinational business, known as Merck in the US, said it would move its life sciences research to the US and cut more than 100 UK jobs, blaming successive governments for undervaluing innovative medicines.

Mr Kahlstrom's comments come just days after the Sunday Times reported that another drug company, Gilead Sciences, would not submit its breast cancer drug for assessment by Nice, blaming the UK for "undervaluing medicines".

The charity says the arts have been "systematically underfunded and undervalued" in recent years, particularly in English state secondary schools.