The UK’s small, privately-owned pharmaceutical companies often go under the radar, but they’re playing an increasingly important role in Britain’s healthcare sector and posting impressive growth rates, according to a report from consultants Catalyst Corporate Finance.

As big players such as GlaxoSmithKline and AstraZeneca come under pressure from rising R&D costs, stricter regulation and outcomes-based reimbursement, they’re outsourcing parts of their business that would historically have been done in-house to specialist companies.

This has led to major growth in Britain’s privately-owned pharmaceuticals sector, which offers services such as distribution, supply chain, consulting, generic development and clinical trial outsourcing, said Justin Crowther, partner and head of healthcare, at Catalyst.

“The fundamentals of the pharmaceuticals sector remain strong. However, the industry needs to continue to innovate to reflect the changing environment in which it operates. This will create opportunities for companies in the UK pharma industry over the next few years,” he said, adding that the industry was well-placed to benefit because of it's world-class R&D and access to finance.

Catalyst reckons the fastest-growing company in Britain's private pharma sector is Qualasept Parmaxo, which topped its list of the 50 most promising independent pharmaceutical companies in Britain this year.

The Wiltshire-based business buys licensed injectable drugs from big pharma companies and makes them ready to use in the precise dosages needed by hospitals across the country.