BBC News have reported that GlaxoSmithKline have released a press statement today confirming that it will invest more than £500m in the UK across its manufacturing sites to increase production of key aspects for its pharmaceutical products and vaccines. This investment could create up to a 1000 new jobs.
GSK also announced a new manufacturing facility to be built in Ulverston in Cumbria. The biopharmaceutical facility will be its first new UK factory for 40 years.
Investment will also be made at the company’s two manufacturing sites in Scotland at Montrose and Irvine.
These investments represent one of the largest commitments to the UK life-sciences sector in recent years. They follow confirmation by the Government in the Budget yesterday that it will implement a ‘patent box’ to encourage investment in R&D and related manufacturing in the UK, by introducing a lower rate of corporation tax on profits generated from UK-owned intellectual property
Prime Minister David Cameron said: “This is excellent news, a major investment that will create many highly skilled jobs and provide a great boost to the economy….We have a world class life sciences industry, and I am determined not just to keep it here in the UK but significantly increase it too… Our innovative life sciences strategy and ground breaking patent box are already making a difference, helping to grow this important industry and ensure the great discoveries of the next decade happen here in British laboratories.
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