One North East, the Regional Development Agency (RDA) covering North East England, is aggressively scouting for Indian life sciences companies to invest in the region. It has initiated dialogue with life sciences companies in the country.
North East England which comprises Newcastle, Gateshead, Sunderland, Middlesbrough and Durham is a major hub for pharmaceutical manufacture and is home to over 600 companies which include 14 successful Indian enterprises including Shasun Pharma Solutions and Piramal Healthcare acquisition of Avecia Pharmaceuticals, UK. The region's healthcare and life sciences economy is valued at £4 billion which is 33 per cent of UK's GDP and employs 140,000 people.
The research and clinical base offers opportunities for Indian companies to collaborate in oncology; ageing and health; genetics; plant biotechnology; stem cells and regenerative medicine; infectious diseases; biologics; systems and cell biology; and diagnostics & medical devices.
In this connection, One North East team was in India to discuss and present the opportunities and financial assistance which includes tax credit of 130 per cent, R&D grants for micro projects and GBI (grants for business investment) in Mumbai, Bangalore and Chennai.
There are synergies between the two countries. India is an important country in our ambit of business development. Ample promising opportunities exist for the large and medium-sized companies. The strengths of UK need to be married with those of skills in India to collaborate and get the best combination. Investing in North England will allow companies to have access to not only UK but also European Union markets, Patrick Kendell, Investment and Aftercare Team Manager, One North East England told Pharmabiz.
The global slowdown is viewed as a platform of opportunities because wise and prudent decisions come forth. "We are looking for not just large companies which are viewing to expand presence in North East England but also the medium-sized enterprises that are interested to take off to their next phase of growth with some direction, access to finance and quality support that would help to ink alliances or start operations there. The companies or entrepreneurs should portray innovation, business acumen and scientific temperament to be able to capitalize on the challenges to sustain growth," added Kendell.
According to Emma Burnip, Advisor, Investment and Aftercare, One North East, discussions have taken off in Mumbai with a handful of life sciences companies to present our offering and understand their interest in accessing global markets.
In the last one year, of the 60 foreign direct investments, around 15 per cent were from the life sciences space valued at £200-£400million generating around 4,000 jobs from North America and European Union apart from Asia represented by Japan, India and Korea. The One North team is represented in India by Pramodh Ishwarakrishnan for life sciences and pharmaceuticals and in Korea by Rishikesh Ramachandran to provide access to information and support new investments, technology transfer, joint ventures, R&D collaborations, mergers & acquisitions.