What does the UK pharmaceutical industry look like today?
We have taken a look at the work staticians have compiled about the UK pharmaceutical industry, and we’ll be giving you some insight on how industry might look in the future.
Gross value added growth of the manufacture of pharmaceutical products and preparation compared to a range of growth in other manufacturing sub-industries, constant prices
Going back to pre-global-financial-crisis, the pharmaceutical industry was moving at an upward pace, and like almost every industry in 2007, the trends started pointing down, and Gross Value Added (GVA) rates went negative. We’ve learnt that pharmaceutical manufacturing has played a prominent role in the turnovers of the industry. Out of a total £60.1 billion made in 2012, manufacturing made about 26% of that turnover. Not only does manufacturing fulfill one-quarter of revenue in this industry, but in 2013 the manufacture of pharmaceuticals contributed to 0.8% of the total economy.
The decrease in turnovers from the pharmaceutical industry does look bleak, however, things will begin picking up for a number of reasons. Firstly, the advancements in technology will help out in both research and medical care with innovations like medical bots and advanced nanotechnology. The creation of new drugs and medical devices will also aid our health and longevity. Its information like this that makes us imagine what the world has in store for our future.