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news.The new joint study by UPS and the Centre for Economics and Business Research (Cebr) has reported that the bad UK economy is motivating pharmaceutical businesses to look overseas for growth.
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The study also noted that the UK economy as a whole remains dependent on mature market export partners.
UPS UK, Ireland and Nordics managing director Cindy Miller said there is clearly a huge appetite for offshore trading among UK producers.
"Economic reality necessitates that businesses do more to take advantage of expanding markets such as Eastern Europe, rather than rely on our traditional trading partners in regions where growth is still fragile," Miller added.
The UPS and Cebr study, which was based on opinion research amongst 1,200 UK product-based exporting and non-exporting businesses, also reports that 81% of non-exporting pharmaceutical companies are interested in overseas business high-growth economies for future survival.
The research also reveals that a significant opportunity remains uncapitalised in emerging markets as well as Brazil and Russia.
According to the report, distance between the nations, corruption and underdeveloped legal and regulatory frameworks within the regions are also adding disadvantage for UK exports.