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A new report from the Fraser of Allander Institute (FAI) at the University of Strathclyde has shown that the Scottish pharmaceutical industry is 'booming'.
A report from the Fraser of Allander Institute (FAI) at the University of Strathclyde has revealed that Scotland’s pharmaceutical industry is ‘booming’ with exports worth £462 million (US$600 million), an impressive level of investment in research, and a rise in employment within the sector.
Included in the report are data from the Scottish government and Office for National Statistics (ONS) that show the wider Scottish pharmaceutical sector is estimated to support a gross value-added share of the country’s economy worth £1.7 billion (US$2.1 billion). Additionally, the industry has been found to directly support more than 5000 full-time equivalent jobs in the country, which the FAI extrapolated out to a total of 17,450 jobs when it considered indirect employment support.
Source data from the Scottish government also indicated that the pharmaceutical industry is now second in terms of R&D spending out of the top five manufacturing sectors in the country, with almost £120 million (US$156 million) spent on business R&D. Furthermore, clinical trials for the development of medicines and vaccines to be used globally represent a multi-million-pound investment in Scotland’s clinical research sector-in 2016/2017, the combined value of active studies in Scotland was reported as £36.8 million (US$47.8 million).
"Scotland is internationally renowned for our legacy of scientific excellence, having fostered great scientists and given rise to world-changing breakthroughs. Ours is a sector Scotland can be proud of. Our industry is booming-employing people in highly skilled jobs across the length and breadth of the country," stated Alison Culpan, director of Association of the British Pharmaceutical Industry (ABPI) Scotland in an Oct. 30, 2018 press release. "As we navigate the challenges of leaving the EU, it's more important than ever for the Scottish Government to be ambitious, working in collaboration with ABPI Scotland, our members and the wider Life Sciences community, to secure an environment for our industry to flourish, ultimately reaping rewards for patients and our economy."