In reacting to today’s news of a Government/Industry Sector Deal for the UK life sciences industry, the chemical industry has welcomed the announcement as “another positive signal that will encourage chemical businesses to continue investing in the UK”.
The deal, which is part of the Government’s industrial strategy, draws substantial investment into the sector from across the world, ensuring that the next wave of breakthrough treatments, innovative medical research and technologies, and high skilled jobs are created in Britain.
Speaking after the deal was announced, the Chief Executive of the Chemical Industries Association said “as key providers of solutions to the life sciences sector, this is an extremely welcome early Christmas present for chemical businesses across the UK. The areas of work that the life sciences sector will now undertake present important opportunities for the chemical industry and I know through the close working partnership we already have there will be close alignment which I hope and believe will result in substantial long term growth.”
The sector deal will look at research, clinical trials and business environment. Steve Elliott added “as the chemical industry finalises its own sector deal proposals, the UK will have two international beacons of success at the heart of our economy delivering for our country. That is good news for science, for jobs and for all regions of the UK”.
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• The chemical and pharmaceutical industry adds £14.4 billion of value to the UK economy every year from total annual turnover of over £40 billion. This represents around 10% of the value added by the whole of UK manufacturing.
• In addition to gross value added, the sector also contributes to the UK economy in its position at the head of many supply chains within manufacturing and its employment of a well remunerated, high-skilled workforce. Chemical manufacturing adds £9 billion in gross value added annually and pharmaceutical manufacturing £5 billion.
• The wider chemical and pharmaceutical sector (manufacturing plus distribution) is the largest exporter of manufactured goods with annual exports of close to £50 billion. The export of motor vehicle, trailers and semi-trailers is the sector with next highest exports of £35 billion.
• 63% of companies in the sector export what they make to the world, the highest proportion of any goods manufacturing sector in the UK economy. 60% of our exports go to the European Union and 75% of our imports and raw materials come from the European Union.