2 minute read - 4th November 2024
£50m investment for cancer medicine manufacturer
The government has confirmed a £50m deal with Accord Healthcare, 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.
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 improve 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 government has committed up to £520m for a new Life Sciences Innovative Manufacturing Fund to drive growth and build resilience for future health emergencies. It believes the new Fund could leverage £3.7bn investment, creating and safeguarding 13,599 high skilled jobs as well as £1.7bn of R&D spillover benefits.
The government has confirmed a £50m deal with Accord Healthcare to build a state-of-the-art medicines manufacturing facility / Picture: Getty/iStock
Paul Tredwell, executive vice president for Accord Healthcare in 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 to 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.”
Peter Kyle, science and technology secretary, added: “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.”
Today’s news follows £63bn 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.
