On a visit to Newcastle, the Chancellor welcomed a £50m deal with Accord – one of Europe’s largest suppliers of chemotherapy products - to build a state-of-the-art medicines manufacturing facility incorporating the latest automation technology.
The investment will create over 50 skilled jobs and safeguard the site’s long-term future in medicines manufacturing.
The investment will be vital to addressing the growth challenge, and Accord’s commitment to the UK is just the kind of partnership investment that will grow our economy and show that Britain is open for business.
Backed by government investment, the deal will enable Accord to continue producing and supplying lifesaving medicines for oncology and autoimmune disease treatments to the NHS alongside health systems and patients across Europe.
Boosting the UK’s supply of critical medicines
Investment in medicine manufacturing will also support efforts to shore up the UK’s supply chain of critical medicines and boost UK health resilience. The site’s capabilities are also expected to be highly valuable in the event of a future pandemic.
The Chancellor welcomed the investment just two days after delivering a Budget to fix the foundations and deliver on the promise of change after a decade and a half of stagnation.
The budget will help rebuild Britain with over £100bn in capital investment over the next five years to attract private investment in key industries in the future.
Chancellor of the Exchequer Rachel Reeves said: “The £100bn capital investment in medicines manufacturing this week helps us grow the economy by attracting private investment.
“That partnership model will grow our economy and restore stability whilst delivering better jobs and driving prosperity across all corners of the country.”
Paul Tredwell, Executive Vice President of Accord Healthcare, added: “Accord is delighted to have worked with the government to unlock this £50m investment to continue supplying affordable, high-quality medicines to the NHS.
“Today’s announcement is positive news for the medicines manufacturing industry across the UK and signals that the government is squarely behind this business sector.”
A series of huge investments in pharmaceuticals
The funding for medicines manufacturing builds on the life sciences announcements secured, including Eli Lilly and Company, which is collaborating with the government through a memorandum of understanding.
This will see the pharmaceutical giant intending to commit £279m to tackle significant health challenges.
The Life sciences sector employs 304,000 people across nearly 7,000 companies, 80% of which are SMEs, with the sector seeing over £108.1bn turnover in 2021/22.
This week’s Budget confirmed an additional £22.6bn for day-to-day spending over two years for the Department of Health and Social care, supporting the NHS to deliver an extra 40,000 elective appointments per week, delivering on one of the Government’s first aims in office to reduce waiting times in the NHS.
