ABPI: Increased pharma exports could boost GDP by £16.3 billion

ABPI urges political leaders to enhance healthcare and economic growth through strategic partnership

The Association of the British Pharmaceutical Industry (ABPI) has issued a challenge to all political parties to outline detailed plans aimed at maximising the industry's role in driving UK health and economic prosperity.

In 2022, the pharmaceutical sector invested £9 billion in UK research and development, generating £16.4 billion in economic value and sustaining 126,000 high-skilled jobs nationwide.

Ahead of the 2024 general elections, ABPI's Manifesto for Investment, Health, and Growth outlines a strategic framework to enhance patient care within the NHS.

It includes expanding access to new medicines through clinical trials and bolstering domestic manufacturing capabilities.

It also includes creating additional high-skilled employment opportunities across the UK.

As per the association, the potential impact of these initiatives is substantial.

According to ABPI projections, implementation could lead to a 40 per cent reduction in the total burden of disease in the UK.

Moreover, increased pharmaceutical exports could annually contribute £16.3 billion to GDP and generate 85,000 new jobs.

Enhanced foreign direct investment in life sciences could add £1.2 billion and create 7,000 high-quality jobs annually.

Additionally, greater volumes of UK life sciences initial public offerings (IPOs) could annually create 17,000 jobs.

Highlighting the broad geographical benefits, ABPI's Pharma Impact Map demonstrates the industry's significant contributions to local economies across all four UK nations.

These contributions encompass partnerships with the NHS, local research initiatives, and manufacturing sites.

Richard Torbett, Chief Executive of ABPI, emphasised the need for governmental collaboration in unlocking these economic opportunities while ensuring equitable and timely access to treatments and vaccines within the NHS.

"We urge the next government to commit to partnering with industry to unlock economic growth and to support the NHS in delivering healthcare and preventing illness," Torbett stated.

"The UK has tremendous potential to further develop our thriving Life Sciences sector while enhancing patient care through strategic collaboration."