Life sciences could have one of the biggest impacts on the UK economy by 2025, bringing in an additional £8.5 billion of growth, according to new research.
Life sciences
An analysis released by the Association of the British Pharmaceutical Industry (ABPI) shows that life sciences is among a group of highly innovative industries that could bring in an extra £14 billion a year to the UK Economy by 2025.
The sector could create an additional 56,000 jobs according to the ABPI, highlighting the significance of the industry to the UK economy. ABPI states that the figures should alert policymakers to the economic value of UK science. However, the trade body also warns that the life sciences industry to succeed, it requires the strongest possible environment for R&D investment and a highly skilled workforce.
The research focused on innovation-based industries such as life sciences, aerospace and clean energy, all of which have been highlighted in the UK government’s Industrial Strategy.
Following the research, the ABPI is calling on government to step up efforts to reach its target of 2.4% of GDP spent on R&D by 2027. The government is doing this to help the UK catch up with the R&D spending of other advanced economies post-Brexit.
UK government must also tackle the increasing skills gap in the life sciences sector if it wishes to retain STEM students from moving to the EU and the rest of the world.
Commenting on the figures, chief executive of the ABPI, Mike Thompson, said: “These figures give an insight into the exciting potential for growth in our already world-leading sector. This could impact positively on every region of the UK.
To achieve this we must make sure that the UK remains the go to place for global scientific R&D and attracts and develops the best talent as the UK leaves the EU."