A new £50m medicines manufacturing facility is to be built in Newcastle following an investment deal between the government and Accord Healthcare.
The new facility, funded by joint public-private investment, will create more than 50 skilled jobs and boost the manufacturing of medicines in the North East.
Accord—one of the largest suppliers of chemotherapy products in Europe—will produce and supply lifesaving medicines for oncology and autoimmune diseases treatments to the NHS as well as health systems and patients across Europe from the new facility, which will incorporate the latest automation technology.
The investment will also support efforts to shore up the UK’s supply chain of critical medicines and boost UK health resilience, with the site’s capabilities also expected to be highly valuable in the event of a future pandemic.
Visiting Accord Healthcare on Friday, Rachel Reeves said: “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.”
The Accord announcement follows the Chancellor’s Autumn Statement last week, in which she promised to “invest, invest, invest” to boost the UK’s economic growth, while at the same time backing R&D in the country with a £20.4bn investment.
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