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GSK Set to Invest £275M in UK Manufacturing

GSK Set to Invest £275M in UK Manufacturing

Added to MTDCNC by MTDCNC on 04 August 2016

Pharmaceutical giant GlaxoSmithKline (GSK) has announced £275 million of new investments at three of its manufacturing sites in the UK. The investment will boost production and support delivery of its latest innovative respiratory and large molecule biological medicines. The vast majority of these products will be for export to global markets.

GSK has a significant manufacturing presence in the UK, with nine sites employing approximately 6,000 people. The company views the UK as an attractive location for investment in advanced manufacturing due to a number of factors including the skilled workforce, technological and scientific capabilities & infrastructure and a competitive corporate tax system. This includes the Patent Box, which encourages investment in R&D and related manufacturing in the UK, by delivering a lower rate of corporation tax on profits generated from UK-owned intellectual property. 

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

For a globally renowned business to commit to the UK in the aftermath of Brexit is a huge shot in the arm to the UK manufacturing industry. The investment will see the company increase UK manufacturing employment and it mirrors the sentiment of other renowned OEMs that have committed their futures to the UK based on the skilled workforce and favourable tax laws.
 

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