The North East's manufacturing sector has received a major boost following news of a £50m Government supported investment deal.
Accord Healthcare in Fawdon, Newcastle, is poised to create new skilled jobs following the investment secured with Government support. The partnership, announced by Chancellor Rachel Reeves, will fund the construction of a cutting-edge manufacturing facility at Accord, one of Europe’s biggest suppliers of chemotherapy products.
The substantial financial commitment not only safeguards the site's future but also boosts job creation by adding 50 new roles, and the facility will also include the installation of advanced automated technology.
The Chancellor is in Newcastle to celebrate the Accord deal, which she views as emblematic of the type of partnership that can drive º£½ÇÊÓƵ economic growth. Accord's planned expansion enables the firm to continue delivering essential oncology and autoimmune disease treatments to the NHS and health services across Europe, aligning with efforts to bolster the º£½ÇÊÓƵ's critical medicine supply chain and enhance national health security.
Coming soon after Ms Reeves' Budget announcement, which included promises to "fix the foundations of the economy" through over £100bn in capital investments over five years aimed at enticing private sector involvement in key sectors, this investment represents a significant stride toward enhancing the º£½ÇÊÓƵ’s health infrastructure.
Ms Reeves stated: "No one should be in any doubt that it is my number one mission to grow our economy. The £100bn capital investment in my Budget this week helps us achieve that by attracting private investment. It's that partnership model that will grow our economy and restore stability, whilst delivering better jobs and driving prosperity across all corners of the country."
Paul Tredwell, executive vice president of Accord Healthcare, EMENA, expressed his support for the government's move: "Accord is delighted to have worked with the government to unlock this £50 million investment to continue supplying affordable, high-quality medicines to the NHS. Today's announcement is positive news for the medicines manufacturing industry across the º£½ÇÊÓƵ and signals that government is squarely behind this business sector."
He further added: "For us at Accord, it has meant that we have been able to confidently invest in our production facility in Fawdon, Newcastle upon Tyne where we have been able to significantly increase production of a range of innovative, lifesaving medicines for patients across the º£½ÇÊÓƵ and Europe. This Government investment has allowed us invest further in our people allowing us to grow our presence in the º£½ÇÊÓƵ, whilst simultaneously playing a significant part in reducing medicine shortages in the º£½ÇÊÓƵ and shoring-up our ability to respond well in future public health emergencies."
Science and Technology Secretary Peter Kyle added: "Medicines manufacturing is a º£½ÇÊÓƵ success story. Partnerships between government and industry are crucial in taking groundbreaking new treatments from research labs to treating patients. Investments like this will help secure the manufacture of next generation life-saving medicines and support our resilience to future pandemics."
He added that the public-private investment in Accord Healthcare's Newcastle site, saying: "This joint public-private investment in Accord Healthcare's site will retain and create highly skilled jobs in Newcastle, ensuring we reap the benefits of the talent in every corner of our country while growing our local and national economies."
The Budget's Industrial Strategy places emphasis on sectors with high potential for growth, including an allocation of up to £520 million towards a Life Sciences Innovative Manufacturing Fund aimed at stimulating industry development and reinforcing preparedness against future health crises. The fund is anticipated to attract an investment of £3.7 billion, resulting in the creation and protection of 13,599 specialised roles.
