The government will conclude a new long-term deal on medicine pricing with the pharmaceutical industry within a few weeks, the head of its trade association predicted on Wednesday night.

In a Financial Times interview, Nigel Brooksby, president of the Association of the British Pharmaceutical Industry, said he was “optimistic” about reaching a fresh voluntary agreement, in spite of a sharp “dent in confidence” after the government unilaterally decided to scrap the existing five-year pricing contract.