AstraZeneca: What now for staff?

When a major pharmaceutical plant closed in the Medicon Valley, in Scandinavia, a few years ago, former staff set up their own bioscience firms in the area.

Business and political leaders will be hoping ex-employees of AstaZeneca will use generous payments to do the same in and around Loughborough.

About 1,000 of the 1,200 of the workers at the site are scientists or researchers, meaning a large of number of highly-skilled, highly-paid jobs could potentially be lost to Leicestershire. The focus will be on how to ensure these positions stay.

Some of the staff will be offered the chance to relocate to Cheshire and Sweden, but it is unclear how many.

Business leaders say Government funding will be needed to encourage small firms in Leicestershire to take on these workers.

Dr Glenn Crocker is chief executive of BioCity, a bioscience park in Nottingham occupied by 70 firms, which was set up on the former site of a pharmaceutical plant.

"There are a lot of companies that will be thinking of taking on extra staff over the coming 12 to 24 months, but the time isn't necessarily right," he said.

"This is where public sector support is needed."

Mr Crocker said he would be willing to help set up a similar scheme to BioCity at the AstraZeneca site.

He has also offered free accommodation at the Nottingham site for up to 12 months for former AstraZeneca staff setting up a business, as well as support and advice.

Economic development agency Prospect Leicestershire is leading an economic impact assessment into the closure.

Prospect chief executive David Hughes, said: "We have been the victim of a global decision. While this is terrible news, we have the luxury of 18 months to look at our options."