Life sciences a “priority sector” in UK Industrial Strategy

The UK Government has published its new 10-year Industrial Strategy, which aims to boost domestic talent and economic growth. Additional plans are due to be published, geared to key growth sectors, including life sciences.

For the UK’s sector, “a successful [Industrial] strategy means ensuring the UK is not only a cutting-edge place to research and develop the medicine of the future, but also a country which seeks to embrace and use the life-changing innovations we are developing.

“This will be the key litmus test for success in the upcoming life science sector plan and the NHS 10-year plan, where we hope to see more detail,” commented Richard Torbett, Chief Executive of the Association of the British Pharmaceutical Industry (ABPI).

“We are particularly encouraged by the Government’s ambitious goal to make the UK the leading life sciences economy in Europe by 2030, and the third most important globally by 2035. This scale of ambition, combined with over £2bn of committed funding, demonstrates the recognition that life sciences uniquely delivers both economic prosperity and improved health outcomes for all,” Professor Andrew Morris CBE FRSE PMedSci, President of the Academy of Medical Sciences stated. 

Prioritising life sciences with the UK’s Industrial Strategy

“The Industrial Strategy has prioritised the life sciences sector because it will disproportionately drive economic growth over the next decade and help deliver an NHS fit for the future. We are on the verge of creating a new generation of globally impactful companies, so it is a smart move by Government to establish a dedicated support service to help 10–20 high-potential UK life science companies scale, attract investment, and remain headquartered in the UK.

“Improved health data resources for innovators, faster clinical trials, more streamlined and joined-up medicines regulation and access pathways, and investments in medicines manufacturing” are supported by the new Industrial Strategy and upcoming Life Sciences Sector Plan, shared Steve Bates OBE, CEO of UK Bioindustry Association (BIA).

Easing pressure on UK manufacturing

The new strategy could help reduce the “significant pressure” faced by the UK’s manufacturing sector in recent months. This includes “high energy costs, rising labour costs, pervasive skills shortages, and a volatile global economic environment,” according to Ben Jones, CBI Lead Economist.

Manufacturing output volumes decrease in the quarter to June, at a similarly steep pace to the three months to May. The findings are based on data from the Confederation of British Industry (CBI’s)’s June Industrial Trends Survey. Looking ahead, manufacturers “anticipate that the pace of decline will slow over the three months to September”.

“With departmental budgets now set following the Spending Review, businesses are looking to the government to dismantle barriers to growth ahead of the Autumn Budget,” Jones added.