Drugs companies should be nationalised if the problem of antibiotic resistance is to be solved, as this will encourage investment in the creation of new antibiotics, according to an economist.

Former banker and cross-bench peer Lord Jim O’Neill, who has advised the government on the issue of antibiotic resistance, has discussed the measures that need to be taken to solve this problem.

He spoke at a London press briefing earlier this week, saying the solution would be to “just take it away from [pharmaceutical companies] and take it over”.

Mr O’Neill used the comparison of the financial crisis in 2008 when banks were wholly or partially taken over by the government – something he knows a lot about as chief economist at banking giant Goldman Sachs.

He stated: “It’s what happened in finance in the end. If you’re not going to do it yourself, we’re going to turn certain parts of your business into being an utility.”

He stated that by nationalising drug companies, this will ensure there is research and development for new antibiotics.

There has not been a new class of antibiotic since the 1980s, with only three pharmaceutical firms having active antibiotic discovery programmes these days – Pfizer, Merck Sharp & Dohme, and GlaxoSmithKline. This is in comparison to 25 that had these types of programmes 30 years ago.

It is thought that drugs companies are reticent to developing new antibiotics as they are not as profitable as other medication; therefore, there is little incentive for them to focus on these instead.

Over the years, many people have become resistant to antibiotics as a result of taking them for viruses that improve without the medication. Therefore, they become ineffective when required for more serious illnesses.

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