Let me tell you more about SMEs, health and TTIP. Another official TTIP negotiation round has just passed, but just how it will benefit us, shape global trade moving forward and set rules fit for the 21st century? The best way to explain this all is through specific company examples. The recently launched BritishAmerican Business (BAB) TTIP case study report ‘Four Sectors, Many Stories, One Ambition - Leading UK industries make the case for TTIP’ does precisely that by bringing together stories from SMEs to large multinationals, all who contribute to growth and employment across the UK, and stand to benefit from a comprehensive trade deal.
One story which caught my eye centres around an almost 200 year old UK company Walker & Son, which currently makes almost 90% of the UK’s Melton Mowbray pork pies. TTIP would facilitate the opportunity to sell these pies to US consumers as currently, significant red tape such as separate US audits of bakeries are hindering access to the US market. Mutual recognition of the list of geographically protected products and simplified export processes would have a huge impact for a small company like Walker & Son, and could potentially create more jobs in Leicester.
Another example is a medical device company June Medical which has 8 employees. This company could grow by triple digits through an ambitious TTIP. This growth would stem from the benefits of greater regulatory cooperation. Currently small firms face increasing challenges from numerous and differing regulations in areas like product research and packaging, again hindering their access to the US market.
We have also talked about the benefits of TTIP to the UK life sciences industry in this blog, but the BAB’s examples further help demonstrate TTIP’s benefits within and beyond our sector. You can check out our new brochure to find out more about the opportunities TTIP can bring to Lilly, our economy and patients.