Downing Street stated that the Serum Institute of India (SII) will spend GBP 240 million in the UK to develop its vaccine business and open a new sales office, generating a huge number of jobs, as part of a GBP 1 billion India-UK Enhanced Trade Partnership that would create roughly 6,500 employment in the UK.
The Pune-based vaccine maker is one of roughly 20 Indian firms from areas such as healthcare, biotech, and software services to announce big investment ambitions in the United Kingdom.
It was also announced that SII has begun phase one trials of a nasal coronavirus vaccine in the United Kingdom.
In response to SII's aspirations for the UK market, Downing Street stated, "The sales office is projected to create new business worth over $1 billion, GBP 200 million of which would be invested into the UK."
“Serum's funding will help fund clinical trials, vaccine research and development, and possibly vaccine production. This will aid the United Kingdom and the rest of the globe in combating the coronavirus pandemic and other fatal illnesses. In collaboration with Codagenix INC, Serum has begun phase one trials of a one-dose nasal vaccine for coronavirus in the United Kingdom.
Another notable Indian healthcare investment is a GBP 59 million investment by biotech firm Global Gene Corp over the next five years. It will produce 110 high-skilled positions in the UK, the most of which will be headquartered at the Human Genome Project's Wellcome Genome Campus in Cambridge.
In a statement, UK Prime Minister Boris Johnson stated, "I'm extremely happy that Global Gene Corp has opted to join the legions of Indian firms investing in the UK, helping our healthcare industry and driving economic growth."