Chancellor welcomes £50m boost for medicines manufacturing
- 1 November 2024, 13:04
- UK News
- Communications
The Chancellor has welcomed a £50m boost for medicines manufacturing in the UK.
The funding will be used to invest in new equipment and facilities, and to create new jobs in the sector.
The Chancellor said:
“This £50m investment is a vote of confidence in the UK’s medicines manufacturing sector. It will help to create new jobs, boost the economy, and ensure that the UK remains a world leader in the development and production of medicines.”
The investment is part of the government’s Industrial Strategy, which aims to make the UK a global leader in science and technology.
The medicines manufacturing sector is a vital part of the UK economy, employing over 70,000 people and contributing £20bn to GDP.
The investment will help to ensure that the UK remains a competitive location for medicines manufacturing, and that the sector can continue to grow and create jobs.
The funding will be used to invest in a range of projects, including:
- New equipment and facilities for the production of medicines
- Research and development into new medicines
- Training and skills development for the workforce
The investment is expected to create over 1,000 new jobs in the sector over the next five years.
The Chancellor’s announcement has been welcomed by the industry.
The Association of the British Pharmaceutical Industry (ABPI) said:
“This investment is a welcome boost for the UK’s medicines manufacturing sector. It will help to create new jobs, boost the economy, and ensure that the UK remains a world leader in the development and production of medicines.”
The BioIndustry Association (BIA) said:
“This investment is a recognition of the importance of the UK’s medicines manufacturing sector. It will help to ensure that the UK remains a competitive location for the production of medicines, and that the sector can continue to grow and create jobs.”
Chancellor welcomes £50m boost for medicines manufacturing
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