Chris Wilkinson, Siemens Financial Services, looks how to drive growth in an innovative industry such as pharmaceutical manufacture
The UK is home to some of the world’s most renowned pharmaceutical companies. On a worldwide scale, British companies are responsible for developing one-seventh of the medicines currently in use across the globe,[1] commandeering the second largest share of the market behind US pharmaceutical organisations. According to the Association of the British Pharmaceutical Industry (ABPI), after Japan and the US, the UK is also the third greatest investor in pharmaceutical and biotechnological research worldwide.[2] Latest figures from the Office for National Statistics indicate that pharmaceuticals’ investments on research and development (R&D) account for 22% of total expenditure on R&D performed in UK businesses, twice that of the second largest contributor.