There is a real sense of optimism about the future of Pharma around this week. It is still hard to talk about anything relating to business growth or development without referring to the pandemic, Brexit, or the recent budget, but the tone has changed. Realistically there will be an ongoing impact from the Covid situation, and even as we head towards recovery and rebuilding, we do need to accept the reality of the economic situation. It has been hard, and it is going to continue to be hard for a while. So why the optimism? Well, accepting the reality of a changing world is one thing but how we react to it is another. The UK Pharma industry has never been a static one. It is innovative, creative and conscientious. Because of this, the circumstances we are currently in could well be an opportunity to cement a place for the UK as a world leader in pharmaceuticals, not only as a manufacturer but as an innovation leader. The stage seems to be set, and with the right people in the workforce to develop them, this could be a time of real growth and recognition for our Pharma industries.
What was in the budget?
There was a real focus on development in the Chancellors speech. We are yet to see the full practicalities of how these will roll out, but a look through the announcement reveals several initiatives and promises of funding and support that are focused on helping scientific and technological development.
The announced continued support for the vaccine rollout is a fundamental requirement to ensure a return to a stable working environment. Other announcements, though, showed an ongoing commitment to tackling the Covid problem. There is to be £22million and £28million to fund research into effective third dose vaccines and new variant testing, respectively, to ensure we keep on top of the virus
Probably one of the most encouraging announcements for business was the Future Fund: Breakthrough scheme. The purpose of this is to help innovation in business by creating access to funding. The pharmaceutical and other life science industries should be able to access this support, which is great news. Added to this was the confirmation of the so-called super deduction for investment and upcoming consultation on tax relief for R&D. If this, as seems to be the case, results in a climate where businesses can look to investment for research and development tax relief and also the other areas of development, including machinery and facilities, then there is a lot to celebrate. Encouraging new development means new jobs and more potential for growth.
Brexit has recently changed the playing field, and in fairness, there has been a rather unsettled initial period. Pharma, like most industries, had a right to be concerned about the change in access to free movement. Again here, the budget has been a game-changer. The announcement of employment initiatives such as ‘flexi-job’ apprenticeships and trainee schemes show a real determination to increase employment opportunities. Possibly of more immediate interest for development teams, though, was the news that overseas workers considered to be ‘innovators’ could be accessed via a revamped visa scheme. The changes will allow faster clearance. Together these two initiatives could lead to the development of a young workforce to feed the industry in the future and access to a world of talent needed now for an initial boost.
Capital support seems to be about to become available to help create opportunities. Capital investment, though, is only part of the picture if we are to continue to lead the field and develop new technologies and products. If we are in this for the long haul and want to take our position as world leaders, then the recruitment of the right teams and access to talent at all levels has to be the keystone to success. The future of the pharma industries certainly looks a little brighter after the budget, and with the correct workforce in place, we can take this optimism and build something world-beating.
Call us, and we will talk through your workforce requirements. We are here to help you find the team you need.