As world leaders gather for the G-20 in Delhi, Labour has warned
the government must grab hold of the UK’s global advantage in
life sciences by implementing a proper industrial strategy, with
new data showing the UK has slipped from 2nd in the
world to 5th for foreign investment projects since
2019.
The UK life sciences industry is one of the most innovative and
productive in the world, contributing billions to the UK economy
and playing a pivotal role in the extraordinary success of the
coronavirus vaccine rollout.
However, there were 94 inward foreign direct investment projects
in the UK in 2019, second most in the world after the USA. This
slipped to just 47 in 2022, 5th in the world behind
the USA, Germany, India and Ireland.
The analysis follows last week warnings from international
investors about the UK’s business environment for new green
technologies.
Labour recognises the huge innovation in UK life sciences and has
called for the government to double down on its potential with a
proper industrial strategy to support global champions like life
sciences with a long-term framework to secure its place at the
global frontier.
The Government ripped up its industrial strategy in 2021 with no
warning and has since had a series of short-lived plans that have
undermined investor confidence in the UK.
The foundations for the industry’s success were laid by the last
Labour government, with long-term programs such as the 2002
Biosciences Innovation and Growth Team, helping build a globally
successful life sciences industry in the UK.
The Labour Leader outlined the initial steps Labour’s industrial
strategy would take to support the life sciences industry:
· Deliver a
comprehensive innovation and adoption strategy, working with the
life science industries and aligning with the life sciences
vision;
o Reform procurement to spread adoption of new
innovation, so innovators have a clear route to get their product
into the NHS;
o Identify and reduce unnecessary bureaucracy, so we
do not unnecessarily re-evaluate products;
o Work with the Care Quality Commission to ensure
regulation involves speedy adoption of new
technology.
· Ensure cross border
cooperation between scientists and universities to unlock the
potential of our scientific community;
· Scale up deployment
of homegrown, clean energy to provide manufacturers and labs with
a cheap, reliable source of power;
· An industrial
strategy, backed by an independent advisory council on statutory
footing, to provide certainty and confidence to investors;
· Reform our planning
system to unlock investment in infrastructure needed for high
growth sectors, including lab space;
· Ensure the UK
capitalises on its world-leading universities and research base
to grow the number of spinouts
· Leverage more
institutional and patient capital into the high-growth
enterprises and scale-ups
MP, Labour’s Shadow Foreign
Secretary, said:
“The global industrial race for life sciences, critical minerals
and clean energy will be at the top of leaders minds as they
gather for the G-20 in Delhi.
"13 years of Conservative government failure has left Britain
falling behind, with new data showing Britain slip from
2nd in the world to 5th for
foreign investment projects.
“It doesn’t have to be this way. The UK is home to cutting edge
technology and world leading universities. With Labour's proper
industrial strategy to support global champions like life
sciences with a long-term framework, Britain can, and will,
thrive."
Ends
Notes
Life Sciences Sector Data 2023, comparing number of life sciences
foreign direct investment projects by country. The UK was ranked
2nd in 2019 and 5th in
2022. https://www.gov.uk/government/publications/life-sciences-sector-data-2023
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