UK pharma boasts export boom
10 Aug 2015
The UK pharmaceuticals industry has continued to exhibit solid export growth this year, a new survey reveals.
The survey, conducted by the Chemical Industries Association (CIA), reveals exports to the US increased dramatically in the first five months of this year, with the pharmaceuticals sector seeing a rise of 124% on the same period last year.
It is an increase that now sees the industry make up 33% of all the UK’s chemicals exports.
Meanwhile, the survey also reveals that in total the chemicals sector exported 65% more product to the US than in the same period last year.
These latest results show how chemical and pharmaceutical businesses are grasping opportunities
CIA chief executive Steve Elliott
Exports to the European Union, however, have not fared as well. Indeed, figures taken from the survey suggest chemical exports to the EU fell by 8.6%, while pharmaceuticals exports to Europe fell by 9%.
Though a weakened Euro has been blamed for the downturn in EU export figures, 55% of all chemical exports and 42% of all pharmaceutical exports still remain the result of sales to the European market.
Despite weakened EU exports, the survey indicates that the chemicals sector has still benefited from a 10% increase in productivity between 2008 and 2014.
According to the CIA, it is a trend that has continued into 2015, with 60% of those surveyed reporting increased productivity over the last 12 months.
“These latest results show how chemical and pharmaceutical businesses are grasping opportunities to compete on the world stage,” said Steve Elliott, chief executive of the CIA.
However, part of the survey reveals barriers to productivity are causing concern.
Of the 28 CIA member companies that took part in the survey, issues such as regulatory requirements (50%) and lack of support for innovation (36%) were chief among their concerns.
To counter this, Elliott has called on the government to take action on energy policy - and in particular shale gas – and has urged for a continued framework for innovation to drive productivity and growth.
“I am confident this will convince global companies to continue to invest in the UK and ensure we continue to deliver a positive environmental, social and economic performance across the UK,” he said.
