The UK life sciences sector has attracted more than £3bn in new public-private investment in the past 12 months, marking the first year of a government plan for the industry.
The Life Sciences Sector Plan was launched by the government in July of last year. Backed by significant funding, the plan served as a 10-year strategic roadmap for one of the UK’s most impactful sector.
According to new figures from the Department for Science, Innovation and Technology (DSIT), the sector has seen massive investment since this launch, with the claim that the private sector has been encouraged to invest heavily due to government commitments.
Among the recent investments in the sector is a £300m plan from AstraZeneca to support its operations in Cambridge and a facility in Macclesfield specialising in AI drug discovery.
Moderna opened a new innovation centre in Harwell with a £1bn UK research and development (R&D) investment commitment for the next decade.
UCB made a £500m investment in an R&D hub in Surrey that is developing various medicines for immunological diseases.
The British life sciences sector is one of the country’s strongest, generating £147bn in turnover and employing 360,000 people.
A dedicated Jobs Plan from the government aims to unlock the talent needed for 66,000 additional jobs in the sector.
“In its first year, our Life Sciences Sector Plan is delivering cutting-edge treatments to tackle cancer, new opportunities for British businesses to start up and grow, and well-paid jobs that improve lives for families. A thriving life sciences sector is good for NHS patients and good for economic growth across the UK,” said Technology Secretary Liz Kendall.
“People in every part of the country are already starting to see the benefits of our Plan – up to 66,000 jobs ready to be unlocked, slashed waiting times for clinical trials, and new medicines being rolled out to patients. When our life sciences sector succeeds, it improves all of our lives.”
