Newcastle-based Accord Healthcare hosted UK Chancellor Rachel Reeves on Friday as she launched a new Life Sciences Innovative Manufacturing Fund (LSIMF) and announced the unlocking of a joint £50 million investment deal to boost manufacture and production of Accord’s medicines at its plant in Fawdon.

Accord said it has already invested almost £1 billion into the UK in the past 10 years.

This joint deal allows the company to invest £50 million in new product lines for a novel cancer drug and two autoimmune injectables and the expansion of its medicines for adjunctive therapy in cancer.

“Accord is one of the UK’s largest providers of medicines to patients and is proud to supply around 10% of the volume of all medicines to the NHS in the UK, around 200m packs a year, 75% of which are made in the UK,” said the firm.

“This new deal will enable Accord to be even more competitive with other countries in terms of manufacturing, thus helping to safeguard UK medicines supply during any future global public healthcare emergencies.”

Paul Tredwell, Executive Vice President of Accord Healthcare EMENA, said: “Accord is delighted to have worked with the government to unlock this £50 million investment to continue supplying high-quality medicines to the NHS.

“Today’s announcement is positive news for the medicines manufacturing industry across the UK and signals that government is squarely behind this business sector.

“For Accord, it has meant that we have been able to confidently invest in our production facility in Fawdon, Newcastle upon Tyne, where we have been able to significantly increase production of a range of innovative essential medicines for patients across the UK and Europe.

“This Government investment has allowed us to invest further in our people allowing us to grow our presence in the UK, whilst simultaneously playing a significant part in reducing medicine shortages in the UK and shoring-up our ability to respond well in future public health emergencies.”