A new report written by the Medicines Manufacturing Industry Partnership (MMIP) communicates that, with the correct policies in place, the UK can be the “best global location for innovative and environmentally sustainable medicines manufacturing” and could attract £15 billion in investment over ten years and create upwards of 116,000 new jobs.
Within UK life sciences, medicine manufacturing is the largest economic contributor and provided almost 45% of the £36.9 billion delivered by the life sciences industry in 2019. However, with growing global competition for manufacturing investment and increased investment from countries such as the US, France and Ireland, and a decreasing position as a global manufacturing leader, the formerly strong trade balance in the UK has become a deficit.
Brian Henry, the chair of the MMIP, stated: “The UK’s life sciences sector has tremendous potential to drive significant growth. But it is not enough to discover the medicines and vaccines of the future here, if companies then make them at scale elsewhere. We believe the UK can lead the world in innovative advanced manufacture of new therapies, drive more sustainable medicines manufacture and address gaps in our supply chain footprint.”
Therefore, the report has listed 9 key recommendations to mitigate and reverse the decline in strength of the UK life sciences sector, including a call for £1.1 billion from the UK government over a period of four years to provide sustained and accessible funding for innovation and incentives for investment. Moreover, the MMIP recommends implementing a 3-point plan to restore global leadership in sustainable and innovative medicine development, including establishing the infrastructure necessary to enable net zero manufacturing.
Sources:
- A boost in UK medicines manufacturing could attract £15bn in investments according to new report. PMLive. https://www.pmlive.com/pharma_news/uk_medicines_manufacturing_boost_could_attract_15bn_investment,_new_report_reveals_1493033. Accessed 15th June 2023.
- Boost UK manufacturing to attract £15 billion new investment, says medicines manufacturing alliance. ABPI. https://www.abpi.org.uk/media/news/2023/june/boost-uk-manufacturing-to-attract-15-billion-new-investment-says-medicines-manufacturing-alliance/. Accessed 15th June 2023.