PICTF was set up following a meeting in November 1999 between the Prime Minister and the CEOs of AstraZeneca, Glaxo Wellcome and SmithKline Beecham. PICTF brought together the expertise and experience of the industry leaders in the UK with Government policy makers to identify and report to the Prime Minister on the steps that may need to be taken to retain and strengthen the competitiveness of the UK business environment for the innovative pharmaceutical industry.