New report highlights key areas of growth for UK pharma
A new report from Santander and the manufacturers’ organisation, EEF, has highlighted five key areas for growth in the UK’s pharmaceutical sector.
Identified as primary growth opportunities in the report were personalised medicines, technology, accelerated access pathway, an ageing population and demand from emerging markets:
- Personalised (or precision) medicine involves the use of genetic sequencing to treat patients in a more precise and individual way.
- Technology in pharmaceutical manufacturing offers almost endless possibilities with digital medicine being a striking development. Digital medicine (or digital pills) have an ingestible sensor that records when the medication was taken.
- Accelerated access pathway aims to help speed up access to the best technologies at the best cost.
- An ageing population is massively impacting healthcare as projections from the ONS state that by 2046 a quarter of the UK population will be 65 or older, so innovative healthcare products will be needed more.
- Emerging markets, which includes China, Brazil and India, hold huge potential as, according to research from BMI, these areas could reach revenues of $490 billion by 2025.
“The sector has a number of opportunities for growth both at home and abroad,” commented Paul Brooks, UK head of manufacturing at Santander Corporate & Commercial. “As we live longer as a society, so the healthcare sector will need more innovative solutions to keep us healthier. We will see the rise of a truly personalised approach to medicine and the UK is well placed to take advantage of this, particularly in emerging markets such as China, Brazil and India, as their economies continue to grow. Santander can help British companies make the necessary connections in those overseas market and showcase their expertise and innovation through our sector and country specialists as well as with our trade missions and global networks.”
“The UK pharmaceuticals sector has taken off in recent times, contributing significantly not just to the UK economy but to the health of populations both here and abroad,” explained Martyn Jenkins, economist at EEF. “Looking ahead the sector must grasp the opportunities on offer from the developments in technology and medicine to help combat the challenges of an ageing population, while policy makers must continue to support this vital sector by ensuring the UK business environment is cost competitive, trade links are retained and the longstanding productivity issue is addressed.”