The times of austerity have hit the country hard. Civil sector and government investment cutbacks have led to a slowdown in economic growth across all industries. But among the mire of disappointment, Cambridge has bucked the trend.
Growth of the Cambridge Biomedical Campus
Cambridge’s role in the economic recovery can be in part attributed to the growth of the Cambridge Biomedical Campus near the Addenbrookes site, and the growth of this site is largely due to pharmaceutical giant Astrazeneca’s approval to rehouse it’s headquarters there in a new £330m build.
Cambridge becomes a global player on the pharmaceutical stage
The move will create 2000 new jobs at the site, and puts the seal on Cambridge’s place as a global player on the pharmaceutical stage, with the “Silicon Fen” likely to be seen as the “biggest biomedical hub in Europe.”
Laboratory relocations to Cambridge
Astrazeneca is a superpower in the pharmaceutical world standing as the 7th largest pharmaceutical company in the world based on their 2012 sales. They have operations in over 100 countries and a valuation well over £50bn as part of the FTSE 100. A company of that size is obviously a force to be reckoned within any field, and the employment and investment opportunities that come with Astrazeneca could help to further Cambridge’s prowess in biomedicine.
Investment in infrastructure needed ahead of lab relocation
In response to the move there have been calls for recognition of Cambridge’s starring role in the UK’s economic recovery. Doctor David Cleevely CBE, founder of University of Cambridge’s Centre for Science and Policy has praised Astrazeneca’s move, but added that city services would need to be upgraded to cope with the arrival of new workers. He said, “Cambridge is a powerhouse for the UK economically and we need to make sure there is investment in its infrastructure.”
Housing will be another issue, as pointed out by John Bridge, chief executive of the Cambridgeshire Chambers of Commerce. “We need to look at housing provision and ensure we get the right housing in the right place, as the people coming in will need a place to live and an acceptable commute.” Problems to deal with for Cambridge, but there are worse problems to have. Astrazeneca’s new headquarters will be completed by the end of 2016.
Thanks for reading our latest news. Benchmark Services specialise in laboratory relocations throughout the UK.