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Wednesday, May 19, 2004
The UK pharmaceutical industry recorded a trade surplus of £3.6
billion last year according to the final year statistics, the ABPI
announced today.
This is some £600 million more than estimated earlier this
year and means that, in trade terms, pharmaceuticals are now worth
almost as much to the UK economy as North Sea oil.
The figures reveal that UK pharmaceutical exports grew over the
year by 17 per cent resulting in a trade surplus of £3,634
million - a 38 per cent increase over 2002. In 2003 UK pharmaceutical
companies exported £11, 926 million worth of medicines (compared
to £10,185 million in 2002), while the UK imported medicines
to the value of £8,293 million (£7,549 million in 2002).
These results further cement the medicines and pharmaceuticals sector
as the third most profitable UK exporter. The industry is also rapidly
catching up with oil, whose trade surplus over the same period was
only £200 million greater at £3,813 million. Although
most UK pharmaceutical trade is with EU partners, the greatest trade
surpluses are with exports to North American and Asia/Oceania nations.
"These better than expected figures show that the UK pharmaceutical
industry is a national success story," said Dr Trevor Jones,
Director General of the ABPI. "Not only is the sector one of
the most profitable for the UK economy, but it is also a truly global
business with its medicines helping patients in all corners of the
world."
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