Scotland: Pharmaceutical Market Annual Worth of Pharma Sector: 3.6 Billion Dollars
A report claimed that the growing sector is making a significant contribution to the Scottish economy. In addition to this, the mini country directly and indirectly supports over 20,000 jobs.
Scotland/UK – Scotland’s pharmaceutical industry and related sectors are worth 3.6 billion dollars a year to the economy, according to a report. The Fraser of Allander Institute found that the industry employed 5,000 in Scotland and indirectly supported 16,500 jobs.
The report also found that Scotland has been accounting for an increasing proportion of the UK pharmaceutical industry’s turnover and employment. It said that the latest available turnover figures, from 2015, showed it now represented 4.3 % of all UK pharmaceutical industry sales - an increase of nearly one-third since 2008.
The report stated: “The pharmaceuticals sector makes an important contribution to the Scottish economy. It has higher levels of productivity than the Scottish average and employs a significant number of people across Scotland - including in parts of the country (such as North Ayrshire) where job prospects have tended to be weaker than for the country as a whole.”
However, the report - commissioned by the Association of the British Pharmaceutical Industry Scotland - also highlighted potential ‘challenges’ for the industry, including evidence to suggest research and development (R&D) activity has fallen in recent years.