Industry Round-Up: November 2024

Global Pharmaceutical Industry Powers Economic Growth

The global pharmaceutical industry showcased its remarkable economic influence in 2022, contributing a total of $2.3 trillion to the global GDP, according to a WifOR Institute report. This figure represents a 25% increase compared to 2017, highlighting the sector’s resilience and innovation-driven growth.

The industry directly contributed $755 billion to the GDP, supported by $978 billion in indirect and $562 billion in induced economic effects. For every dollar directly generated, an additional $2.04 rippled across global supply chains. Employment figures were equally impressive, with 75 million jobs supported worldwide, including 7.8 million directly.

Research and development (R&D) played a pivotal role, contributing $227 billion to GDP and employing 1.1 million professionals. These advancements underline the industry’s commitment to innovation and combating global health challenges.

To understand the full scope of the pharmaceutical industry’s economic impact, download the complete study for detailed insights and data.

UK Biotech Sector Faces Scale-up Challenges Despite Strong Innovation Base

Recent discussions at the Jefferies London Healthcare Conference have highlighted a critical challenge in the UK’s biotech landscape. While the country excels in early-stage innovation and startups, Minister of State for Science Lord Patrick Vallance emphasised the pressing need to improve scale-up capabilities.

Industry leaders, including Kate Bingham of SV Health Investors, noted that while UK companies successfully achieve early clinical efficacy, they predominantly attract US-based investors. This creates a risk of companies relocating to the United States, potentially weakening the UK’s biotech ecosystem.

In response, the British Business Bank is implementing strategic initiatives, including the Future Fund Breakthrough program, aimed at making life sciences a more attractive investment opportunity for UK pension funds. Additionally, the government’s new Regulatory Innovation Office has been established to streamline processes for smaller biotech companies, reducing regulatory complexity.

These developments are particularly relevant for companies like ourselves, Suncombe, as we continue to provide the essential processing infrastructure that enables these biotech companies to operate and scale within the UK market.

Breakthrough Success at ABSANZ 2024 Conference

What an incredible showing at the 12th Annual ABSANZ Conference in Brisbane! Our team just returned from this event where we showcased our latest innovations. The conference’s focus on “The Future of Containment” perfectly aligned with our approach to biosafety.

Mental Health Matters: Engineering a Better Workplace

We’re proud to pull back the curtain on something different this month – our commitment to mental health. While we’re known for engineering excellence, we’re equally passionate about building a workplace where wellbeing isn’t just talked about, it’s actively prioritised. Our remarkably low staff turnover tells the story better than we ever could. Want to know what makes Suncombe different? It’s our people-first approach to innovation.

The pH Revolution: Laboratory Essential

Our latest product innovating the pH neutralisation systems has revealed a crucial truth: they’re not just optional extras – they’re laboratory must-haves. We’ve compiled compelling evidence showing how these systems protect your environment, ensure compliance, and safeguard your equipment.

Want to learn more about any of these developments? Our team is ready to share their expertise. Reach out today and let’s discuss how we can help transform your facility.

That’s all for this month’s industry news!

Want to find out more about what we do? Get in touch today.

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