Life Sciences Industrial Strategy: revitalise and grow the UK Life Sciences Industry
31 August 2017
The UK Life Sciences strategy published today has the potential to revitalise and grow the UK Life Sciences industry with focused initiatives, that if executed effectively offers continued economic growth and improved health outcomes for UK patients. The UK government is to invest more than £140 million in life sciences over four years as part of its industrial strategy, as set out in the independent sector-led review, led by Professor Sir John Bell.
As PwC's work for the ABPI confirmed, UK Life Sciences is a major contributor to the UK economy and offers the potential for further economic, productivity and wage growth.
We welcome the key recommendations from the strategy.
- The "moonshot" projects offer the potential to maximise the value of the world leading science base in the UK. Particularly if focused on new technologies and combinations of drug, device and digital supported by advanced analytics and artificial intelligence.
- The focused investments in advanced therapies and manufacturing provide the opportunity for the UK to build a unique leading position in new Life Sciences technologies and drive economic growth.
- The potential for a supportive tax environment and new funding models will help further stimulate growth of our small medium enterprises in UK Life Sciences and enable us to compete more effectively at a global level.
Successfully delivering the strategy will come down to effective collaboration between UK regions, the Industry and the NHS in driving faster uptake of new technologies through the implementation of the Accelerated Access Review.