The UK government has announced that PRUK, the group which handles donations of blood plasma for the NHS, is to be sold to Mitt Romney's former
venture capital private-equity firm Bain Capital. The company is paying £90m up front for an 80 per cent stake in the firm, and then a further payment (expected to be worth around £110m) will be made in five years' time. In addition, Bain will be investing an extra £50m in the firm to create a "UK Life Sciences Champion".
The deal is hugely controversial, beyond typical disagreements over privatisation of national assets, because blood transfusions in the UK are voluntary; if donors think that someone is going to make a profit from their donation, they may well not give blood at all.
But they should carry on doing so. Due to fears over vCJD (the human form of mad cow disease), British plasma has not been used for donations for almost two decades. Instead, plasma is imported from the US, and "fractionated" into blood proteins such as immunoglobulins, clotting factors and albumin. That's the job of PRUK, the company which has been sold.
It is important to be clear about the Government's plans to sell all, or part, of the state-owned plasma company PRUK. This company is completely separate to NHS Blood and Transplant and plays no role in blood donations or organ supply - there is no intention to sell NHS Blood and Transplant. Ministers have made clear the huge debt of gratitude owed to all those who freely donate blood to the NHS.
UK blood donations are not used to make PRUK products. Ever since the emergence of vCJD ("mad cow disease") the medical advice is not to use UK blood in manufacturing for plasma products. PRUK is already a commercial business and the majority of its staff already work in the private sector. We are taking this action to secure a viable future for the company and its employees in the long term and to ensure that patients will continue to have access to high quality medical products.
That doesn't leave the government entirely in the clear, however. Firstly, this exact situation was warned by many before the sale even went ahead. Selling PRUK always carried the risk of negatively affecting donations, and that risk was increased by the shoddy way the Government released the news. Secondly, it merely puts off the problem, because at some point, vCJD restrictions will be lifted. When that happens, people's donated blood will start to be used by the profit-making PRUK.
A bad sale, badly handled, sure. But not a reason to stop giving blood.