With additional investment in its production facility, Accord Healthcare is poised to play a vital role in addressing medicine shortages in the UK
Accord Healthcare is set to expand its manufacturing and production capabilities for high-quality medicines at its Fawdon plant in Newcastle upon Tyne, England, following a new multi-million-pound investment deal with the government.
Chancellor of the Exchequer Rachel Reeves launched the new Life Sciences Innovative Manufacturing Fund (LSIMF) and announced the unlocking of a joint £50 million investment deal during her visit to the Fawdon plant on 1 November.
Unveiled as part of a new budget, the LSIMF will distribute up to £ 520 million in capital grants aimed at drug and medical technology production.
Accord stated that it will allocate the funding towards developing new product lines, including a novel prostate cancer drug and two autoimmune injectables for treating rheumatoid arthritis and gastroenterology indications, as well as expanding its medicines for adjunctive therapy in cancer.
With this investment, Accord also plans to create over 50 new skilled jobs to “safeguard the facility's long-term future.”
Paul Tredwell, executive vice president of Accord Healthcare EMENA, welcomed the announcement and described it as positive news for the medicines manufacturing industry across the UK.
“It signals that government is squarely behind this business sector,” he said.
He added that this government investment has allowed them to grow their presence in the UK and play a significant role in reducing medicine shortages in the region.
Accord is one of the UK's largest medicine providers, supplying approximately 10 per cent of the total volume of medicines to the NHS, equating to around 200 million packs annually.
Around 75 per cent of these medicines are manufactured at its UK sites in Fawdon and Barnstaple in the southwest of England. Together, the two sites make over 5.5 billion tablets and capsules every year.
With over 40 oncology and oncology-related treatments, Accord is one of the largest suppliers of chemotherapy products in Europe.
An additional 20 treatments are currently in development and scheduled for launch over the next five years.
The company supplies approximately 30 per cent volume share of major chemotherapy treatments across Europe and the UK.
Accord has invested around £1 billion in the UK in the past 10 years.
The company has also announced an investment of up to £20 million in its new EMENA head office in London, set to open in March next year.
