The U.K. and U.S. reached a trade agreement that locks in zero tariffs on pharmaceutical exports to the U.S. for three years in exchange for pricing concessions by the U.K. government. The deal includes an increase in the NICE cost‑effectiveness threshold and reductions in mandated industry rebates to the NHS—moves designed to smooth access to new medicines and attract investment. The pact alters the U.K. reimbursement landscape by loosening cost‑effectiveness constraints, potentially enabling three to five additional approvals annually. Pharma companies and investors view the change as a positive signal for R&D and manufacturing investment in the U.K., but the deal also shifts long-term pricing dynamics and budget forecasts for the NHS.