Pharmaceuticals, a strategic sector for the UK government

28 July 2014

Britain’s pharmaceuticals sector, which includes AstraZeneca (LSE: AZN) and GlaxoSmithKline (LSE: GSK), two drugmakers among the 10 largest worldwide, is the leader in exports (7% of total exports) for the UK, according to the Economic Outlook report from trade credit insurance firm Eurler Hermes, which is part of the Allianz Group.

The UK’s national production stands at $24 billion. The sector is known for its innovation, as it boasts 25% of R&D expenditures (£4.2 billion [$7.17 billion] in 2012) and employs 70,000 persons (0.2% of the total labor force), of which over one third are in highly skilled positions. The pharmaceutical sector is one of the 11 strategic sectors for the government, along with aeronautics, automobile, nuclear, and financial services sectors.

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