Danish drugs giant makes huge investment in the UK

Medical - Mohit Shah - Jan 30,2017

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danish drugs giant makes huge investment in the uk

Denmark-based Novo Nordisk is planning to invest £115m in a new science research centre in Oxford over the next 10 years.

The decision to invest in the UK was pronounced by David Gauke, Chief Secretary to the Treasury, as a vote of confidence in the UK's spot as a “world-leader in science and research".

Novo Nordisk further added that, the firm was attracted by Oxford’s history that is wrapped in “excellence”.

This facility will function on new ways of treating type 2 diabetes and would be initially employing 100 academics and scientists.

Novo Nordisk's executive vice-president and chief science officer Mads Thomsen stated that the UK's decision to exit the EU made the company pause for thought, but the firm took a very long outlook.  

Thomsen further added that the Brexit decision was indeed unfortunate, however, Oxford University has been there for around 800 years so the academic excellence and the firm's ability to crack that into medicines hasn't really changed.

It is announced that, the disease research and molecular biology will be managed in Oxford, whereas, the new drugs or treatments will be developed and manufactured in the firm’s homeland, Denmark. Although, Oxford University will get some reward for any sort of success, Mads Thomsen cleared that the major share of any commercial spoils will directly fall into the kitty of the Danish company.

In the recent years, foreign companies and investors have been bucketing money into the UK's top universities. In November last year, a fund was setup to commercialise research at Oxford which announced a supplementary £300m of funding – most of which came from Singapore, China and Oman.

Although the Danish drugs giant Novo Nordisk is pressing ahead in terms of investment, Brexit looks likely to see one major pharmaceutical body leave the UK.

The European Medicines Agency has been based in London since 1995 and is responsible for the scientific supervision, evaluation and safety monitoring of medicines manufactured by pharmaceutical companies for use in the EU.

However, this agency is likely to leave the UK.