A multi-million-pound investment secured in partnership with
business to build a new facility that manufactures lifesaving
medicines for the NHS has been confirmed by the Chancellor today
(1 November), boosting the life sciences manufacturing sector in
the north east and creating jobs.
On a visit to the Newcastle, will welcome the £50 million
deal with Accord – one of the largest suppliers of chemotherapy
products in Europe - to build a state-of-the-art medicines
manufacturing facility that incorporates the latest automation
technology. The investment will create over 50 skilled jobs and
safeguard the site's long-term future.
Investment will be a vital part of addressing the growth
challenge and Accord's commitment to the UK is just the kind of
partnership investment that will grow our economy, and shows 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 diseases treatments to the NHS alongside
health systems and patients across Europe.
The investment will also support efforts to shore up the UK's
supply chain of critical medicines and boost UK health
resilience, with the site's capabilities 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 to deliver on the
promise of change after a decade and a half of stagnation.
The Budget will help rebuild Britain with over £100 billion
capital investment over the next five years to attract
private investment in key industries of the future.
As a central part of the Growth Mission, the Budget confirmed the
Industrial Strategy will deliver the certainty and stability
businesses need to invest in the UK's growing and high potential
sectors. This includes up to £520m for a new Life Sciences
Innovative Manufacturing Fund to drive growth and build
resilience for future health emergencies. The new Fund is
expected to leverage £3.7 billion investment, creating and
safeguarding 13,599 high skilled jobs as well as £1.7 billion of
R&D spillover benefits.
Visiting Accord Healthcare today, Chancellor of the
Exchequer said:
“No one should be in any doubt that it is my number one
mission to grow our economy.
“The £100bn capital investment in my Budget this week helps
us achieve that by attracting private investment. It's that
partnership model that will grow our economy and restore
stability, whilst delivering better jobs and driving prosperity
across all corners of the country.”
Science and Technology Secretary said:
“Medicines manufacturing is a UK success story. Partnerships
between government and industry are crucial in taking
groundbreaking new treatments from research labs to treating
patients.
“Investments like this will help secure the manufacture of
next generation life-saving medicines and support our resilience
to future pandemics.
“This joint public-private investment in Accord Healthcare's
site will retain and create highly skilled jobs in Newcastle,
ensuring we reap the benefits of the talent in every corner of
our country while growing our local and national economies.”
Welcoming the announcement Paul Tredwell Executive Vice
President of Accord Healthcare, EMENA said,
"Accord is delighted to have worked
with the government to unlock this £50 million 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 government
is squarely behind this business sector.
“For us at Accord, it has meant that we have
been able to confidently invest in our production facility in
Fawdon, Newcastle upon Tyne where we have been able to
significantly increase production of a range of innovative,
lifesaving medicines for patients across the UK and Europe. This
Government investment has allowed us invest further in our people
allowing us to grow our presence in the UK, whilst simultaneously
playing a significant part in reducing medicine shortages in the
UK and shoring-up our ability to respond well in future public
health emergencies.”
Today's news follows £63 billion of
private investment committed around the government's
International Investment Summit earlier this month, which saw
38,000 jobs committed to the UK in infrastructure, renewables and
life sciences sectors, turbocharging growth and innovation across
the country. This also builds on the life sciences announcements
secured including Eli Lilly and Company which is
collaborating with government through a memorandum of
understanding which will see the pharmaceutical giant intending
to commit £279 million to tackle significant health
challenges – including obesity.
The Life sciences sector employs 304,000 people across nearly
7,000 companies, 80 per cent of which are SMEs with the sector
seeing over £108.1 billion turnover in 21/22.
This week's Budget confirmed an additional £22.6 billion 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.
