Courtney Steele Industry News
It was announced this week that German manufacturer, Schaeffler, are shutting down two of their sites in the UK, with the ‘uncertainty’ surrounding Brexit being given as one of the reasons behind the decision to close. With Brexit looming over us all and concerns over how it will affect the manufacturing industry mounting, there is some good news for one sector.
The value of Scotland’s pharmaceutical industry is rising, with manufacturing exports worth £462 million. A new report by the Fraser of Allander Institute shows the significant contribution the sector makes to all parts of the Scottish economy with it now being the second biggest spender on Research and Development; almost £120 million is spent on R&D in Scotland by global pharmaceutical companies, as well as seeing job numbers rise by 1.6%.
We are home to world-leading clinical trials developing medicines and vaccines for use across not just Scotland, but the rest of the world and these represent a multi-million-pound investment in Scotland’s clinical research sector. In 2016-2017 the combined value of active studies in Scotland was £36.8 million.
The investment by pharmaceutical companies into Scotland supports a significant amount of employment in the country and brings high-value jobs to towns and rural communities outside of our major cities. New data shows that the sector now directly employs 5,130 full time equivalent (FTE) people throughout Scotland, an increase of almost 1.6% since last year. Furthermore, this investment in the industry has had an impact on the wider economy; for every 100 FTE employees working in the industry, an additional 240 jobs are supported elsewhere in the economy. This means that in total, the sector indirectly supports more than 17,000 jobs across Scotland, an increase of 3% since last year. Additionally, gross wages and salaries per head are around £15,000 higher than the Scottish average.
This industry exports £462 million worth of manufactured goods and supports £2.5 billion worth of industrial output every year. Overall, the sector has a GVA worth £1.7 billion.
It is fantastic to see such a key and important industry thriving within Scotland, particularly during times of political and economic uncertainty. If you are a pharmaceutical company looking to expand your workforce, contact us to discuss your requirements or if you are an individual considering a move within or into this sector, let us help you find a new role!