Novo Nordisk, Denmark's iconic drug giant, proposes to invest £115m over the next ten years in a new scientific research center at the University of Oxford in England. The proposed research center will employ 100 academics and scientists in due course of time for investigating new methods of treating Type 2 Diabetes. David Gauke, Chief Secretary to the Treasury, explained the final decision to invest in the United Kingdom as a move to place self-confidence in the United Kingdom as a global leader in science and exploration.
Historical Chronology of Excellence
Mads Thomsen, the Danish drug giant's Executive Vice President and Chief Science Officer, said that although the UK's Brexit vote was a matter of concern, the University of Oxford's history of excellence is the most alluring factor calling for such a whopping investment. The university's 800 years of academic and scholarly excellence overpowered the UK's decision to leave the European Union, which made the city an attractive investment destination for the Danish firm.
The molecular biology and illness exploration activities will be performed in Oxford, while any new treatment and medications plan will be devised and manufactured in Denmark. Mads Thomsen clarified that although the university will be rewarded for its accomplishments, the majority share of any commercial activity will go the Danish unit.
Thomsen in his statement said that the investment behind a new breakthrough medicine is about £500m, which is borne by the company. Foreign investors and companies have been pumping money into the UK's premium universities lately. A fund established for research commercialization announced an additional funding of £300m, which came mostly from Singapore, China and Oman in November 2016. However, the vice chancellor of the university commented recently that that state of affairs would cause investors in UK to regret.
Impact of Brexit
Although the Danish firm is moving ahead with its investment, Brexit is likely to witness the departure of one significant pharmaceutical body from the UK. The European Medicines Agency, based in London since 1995 and employing 900 people in Canary Wharf, is responsible for the scientific supervision, monitoring and evaluation of medicines produced by pharmaceutical firms for use in the European Union. However, Mads Thomsen expresses his disappointment over its departure from the UK after Brexit. The new home of the European Medicines Agency in the EU opens its doors for the agency's present 900 employees so that supply of medicines to patients is not disrupted.