As reported by the BBC, the global pharmaceutical company, GlaxoSmithKline (GSK) is set to create 1,000 pharmaceutical jobs as a result of it’s £500m investment in biopharmaceutical manufacturing in the UK.
GSK will be building a new biopharmaceutical facility in Ulverston in Cumbria and it is hoped that it will be opened by 2020 at the latest, with work beginning in 2014/2015. The pharma company also plan to invest more than £100m in their pharmaceutical manufacturing sites in Montrose and Irvine.
The plans were announced following Chancellor George Osbourne’s confirmation in the Budget that the government will be introducing a patent box. The patent box will decrease the level of corporation tax on profits attributed to patents and similar types of intellectual property.
Yesterday’s budget announcements have, according the GSK Chief Executive Sir Andrew Witty, transformed the company’s view of the UK, he stated that the “medicines of the future will not only be discovered, but also continue to be made here in Britain”