Britain risks missing out on billions of pounds of pharmaceutical investment because bosses are struggling with red tape and a sky-high NHS levy, an industry group has warned.

Drug company chiefs said the UK had “tremendous potential” to become a world leader in making medicines and vaccines, but was losing ground to other countries which are actively courting new investment.

The Medicines Manufacturing Industry Partnership (MMIP) said the UK’s position as a manufacturing leader was on the wane, with a policy shake-up required to unlock £15bn worth of investment in new vaccine and drug factories in Britain over the next ten years. 

It comes months after AstraZeneca said tax policies in Britain had forced it to choose Ireland over the UK for its new £320m factory. 

Chief executive Pascal Soriot said it had become “very unattractive for companies to invest” and operate in the UK.