UK exports of vaccines are the highest in the Group of Seven (G7) nations, according to the latest HM Revenue & Customs (HMRC) data.
The vaccine export industry is now worth £3.2 billion, with HMRC figures for 2018 show. This ranks the UK as the highest in the G7 and the third highest in the world in the sector.
UK vaccine exports have more than tripled in value in the last five years when they were just £1.2 billion.
Demand from the US accounts for more than two-thirds of all exports, with the figure for exports to the US at £2.2 billion last year. This is a sharp increase from 2013 when the US demand for vaccines from the UK was £449.3 million.
The UK exports vaccines for diseases including measles and influenza around the world, with rising demand from Asia.
China, in particular, has seen a large increase in demand for British vaccines, up 287.4 per cent in just one year to £122.4 million. The Chinese vaccine export market was worth less than £5 million a decade ago.
Dr Liam Fox, Secretary for International Trade, said: “I want to thank the thousands of people across the country working tirelessly to produce vaccines to help fight deadly diseases such as influenza, measles, and hepatitis, not just in the UK, but across the world.
“The UK is famous for its effective and reliable pharmaceuticals sector which continues to invest in new technologies to improve the quality of lives of people at home and abroad.”
Reanda UK is a subsidiary of leading independent accountancy firm Grunberg & Co Limited. Our aim is to help businesses and individuals to navigate the UK’s world-renowned business and tax infrastructure, and to support them with their international ambitions. To find out how we can help you, please contact us.