London’s Pharmaceutical Industry
The United Kingdom has a solid pharmaceutical sector that is driven by innovation and by a desire to make a real difference to people’s lives. According to the New York Times, approximately 20 per cent of the world’s best-selling drugs are manufactured in the UK. The British pharmaceutical industry has a particularly strong presence in London, since the country’s capital is known as one of the world’s top centres for innovation and for high-value industries
Overview and recent trends of the London pharmaceutical sector
The London pharmaceutical industry has been an established economic sector since the late 1880s. Throughout the decades, this sector has continued to expand both in terms of revenues and of its scope and significance. This trend has been particularly marked during the past ten years. A report published by the Office for National Statistics revealed that between 2008 and 2014, the pharmaceutical sector was among the top five most important contributors to the national economy, as it generated annual revenues of up to 8 billion and its total worth is estimated at nearly 30 billion. Although the pharmaceutical industry suffered the negative effects of the financial crisis, this sector has proven to be resilient and is currently listed as the 9th largest pharmaceutical market in the world. Recent market research has shown that there are many reasons to be positive about the future of this industry, as it is estimated that by 2018 the sector will have grown by 2 per cent.
The British pharmaceutical sector is mainly clustered around the so-called Golden Triangle, which includes London, Cambridge, and Oxford. Thanks to its state-of-the-art infrastructure, strong levels of investment, and solid reputation as a global business hub, London is at the heart of the UK’s pharmaceutical sector. A government survey estimated that towards the end of 2013 there were 82 pharmaceutical sites in London.
This industry sector generates approximately 70,000 jobs nationwide, the vast majority of which are based in London. The 2014 Strength and Opportunities report showed that approximately 15,000 people are employed in this sector in London, making the British capital the second best place in the country to find a job in this industry. During the past twelve months, nearly 2,000 new pharmaceutical jobs were created in London. Approximately 33 per cent of all pharmaceutical jobs are in R UNCSBRP.com – The London Plan is a comprehensive strategic planning document that
defines an integrated economic, environmental, transport and social framework for the development of the London metropolitan area until 2031.