Commercial property interests in and around Cambridge and the wider area could stand to benefit from the restructuring of the pharmaceutical sector in the coming years, as research is favoured over manufacturer by leading companies in the sector. That is what Will Mooney, joint head of Carter Jonas agency and professional services in the eastern region is saying. His comments come on the back of recent confirmation that Pfizer was in detailed talks with a consortium led by London and Metropolitan about buying the drug-giant’s large site in Kent, the closure of which was announced a year ago.
What’s happening with Pfizer will, according to Mooney, be reflected across the pharmaceutical industry with mass market development and manufacture of medicines on-site becoming more unprofitable as drug company patents expire in the coming decade. He explains: “Drug companies will see patents on mass market medicines expire in the next few years – Pfizer has four of the biggest patents expiring in the US by the end of 2013, its cholesterol-busting Lipitor and Viagra are two of its most high profile brand names. “The shift in medical treatment towards gene-based, personally-tailored treatments accelerates a change in property requirements.”
In practice, this means more research-based property requirements as opposed to huge, factory sites and this is where commercial property locations which are closely linked to world-class academic institutions will come in to their own from a sector worth billions of pounds globally. CD Hood Ltd Cambridgeshire specialists in tailored commercial builds are ideally placed to meet your needs.