Accord Healthcare has committed to building a new chemotherapy manufacturing facility in Newcastle, UK.
The investment has been welcomed by the UK government, particularly Rachel Reeves — Chancellor of the Exchequer, who believes the new site will contribute to “growing the economy and restoring stability in the UK”.
By building this facility, Accord will create more than 50 skilled jobs, while also boosting the presence of the UK in the pharma scene.
Accord will also be backed by government investment, allowing the company to continue to produce and supply oncological and autoimmune medicines.
The company will inherently focus on providing the NHS with its products, while also supporting health systems across Europe.
Through this investment, London-based accord will boost the supply chain resilience of the UK, while also preparing the nation for potential future pandemics.
This news comes after Rachel Reeves announced a scheme to “rebuild Britain”, with more than £100bn in capital investment being funnelled into private investment during the next five years.
This remunerates high potential sectors, and aims to boost the UK’s economy.
Rachel Reeves, Chancellor of the Exchequer, commented when visiting Accord Healthcare: “No-one should be in any doubt that it is my number one mission to grow the UK’s economy.”
“The 100bn capital investment will help us to achieve that by attracting private investment. It’s that partnership model that will grow our economy and restore stability, while also delivering better jobs and driving prosperity across all corners of the country.”
Science and Technology Secretary, Peter Kyle, added: “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.”
Accord Healthcare’s Executive VP of EMENA, Paul Tredwell, concluded: “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.”