AstraZeneca pledges £300 million for UK drug development boosting Cambridgeshire jobs
Prime Minister hails move as major vote of confidence in the UK
AstraZeneca has announced a £300 million investment in UK life sciences, marking a significant boost for drug development and job prospects in Cambridgeshire.
Sir Keir Starmer highlighted the importance of this investment during Prime Minister's Questions, indicating it would secure thousands of jobs in Cambridge and Macclesfield.
The announcement follows a previous pause in expansion plans for AstraZeneca's research facility in Cambridge and the cancellation of a £450 million investment in a vaccine plant in Merseyside.
Pascal Soriot, AstraZeneca's chief executive, expressed gratitude towards the British Government for improving patient access, mentioning several new approvals in the UK this year.
He also shared plans to complete the Rosalind Franklin building at the Cambridge Biomedical Campus and introduce advanced digital and data tools for drug development at the Macclesfield site.
Richard Torbett, CEO of the Association of the British Pharmaceutical Industry, acknowledged AstraZeneca's move and a separate £150 million AI accelerator investment by Boehringer Ingelheim as strong indicators of the UK's rejuvenated status as a global hub for life sciences investment.
While the UK faced challenges in maintaining international competitiveness, the recent UK-US pharmaceutical arrangement has begun to positively shift industry perceptions.
These investments are seen as foundational steps in restoring confidence among companies that their innovations will be valued and accessible to NHS patients.