Pharma exports in UK help drive the economy
pharmafile | September 16, 2014 | News story | Manufacturing and Production, Sales and Marketing | UK, emerging markets, exports, hsbc, imports, pharma
The UK’s pharmaceutical sector is ‘an export success story’, enjoying a competitive advantage and generating a sizeable trade surplus.
This is according to a new report from the HSBC’s UK Trade Forecast, that found of the 25 countries covered in its annual report – the UK ranks third in terms of the size of its exports.
The findings predict that pharmaceutical exports will outpace imports in the years leading up to 2030, further widening the sector’s trade surplus. Pharmaceuticals will account for 8% of the projected growth in UK merchandise exports, according to the banking giant.
While the main source of demand will continue to be developed economies in Europe and North America, rising incomes in emerging markets will also offer potential for growing exports to new middle-class customers in countries like India and China.
An ageing population in the UK and globally will also encourage demand for the sector’s products.
However, HSBC’s report says that to capitalise on these opportunities, the UK’s ‘strong pharmaceutical sector’ will need to be ‘alive to challenges’, including competition from more affordable producers of generic drugs in those same emerging markets, as well as maintaining high levels of R&D spending.
Commenting on the potential for pharma exports growth, HSBC’s head of UK global trade and receivables finance, Mark Emmerson, says: “Pharmaceuticals is exactly the kind of high-value added sector in which the UK has a strong competitive advantage.
“As the share of exports to emerging markets increases, UK companies need to be alive to the opportunities afforded by rising incomes in countries like India in order to translate this advantage into real export growth.”
Ben Adams
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