gsk
GlaxoSmithKline / Flickr.com
27 July 2016Big Pharma

GSK to invest £275m in UK despite Brexit

GSK announced today that it will invest £275 million ($360 million) in expanding its UK manufacturing capabilities, despite Brexit.

The investment will go towards advanced manufacturing of its new respiratory and biopharmaceuticals portfolio, from where the majority of the products will be exported to global markets, as well as building three new sites.

In a statement, GSK described the UK as “an attractive location for investment”.

This, GSK explained, is due to the skilled workforce, technological and scientific capabilities and infrastructure, as well as a competitive corporate tax system.

The Patent Box, which is a system in the UK, delivers a lower rate of corporation tax (10% down from 20%) on profits generated from UK-owned IP, and is also an encouragement for the big pharma company to invest in the UK.

Andrew Witty, CEO of GSK, said: “Today’s announcement reflects further investment to support our pharmaceutical pipeline and meet growing demand for our innovative portfolio of newly launched products.”

He added: “It is testament to our skilled UK workforce and the country’s leading position in life sciences that we are making these investments in advanced manufacturing here. From their manufacture in the UK, many of these medicines will be sent to patients around the world.”

The investment comes despite GSK telling LSIPR after the Brexit vote in June that “the EU referendum result creates uncertainty and potentially complexity for us in the future”.

GSK has nine sites in the UK and approximately 6,000 employees, and is expecting to create new employment at three new sites, located in Durham, Scotland and Hertfordshire.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Adrian Tapping at atapping@newtonmedia.co.uk