We need to get serious about life sciences
The UK’s fantastic Life Science sector is the envy of countries across the world and a reflection of our brilliant science base and proud history of scientific discovery.
“Investing in Life Sciences is a no-brainer for our economy”
Covering a significant range of critical areas of discovery in medicine, agriculture and biochemical manufacturing the Life Sciences sector is not only key to understanding ourselves and our world, it is crucial to the high wage, high growth, high skill, high productivity economy we all want to see.
Labour recognises that Life Sciences must be a central part of any industrial strategy. Unfortunately the Conservatives aren’t serious about science. Successive Conservative Governments have failed to match their warm words with deeds.
Their decisions on science over the last decade have been piecemeal and chaotic rather than strategic and focused. We had a Life Sciences Vision published after the Life Sciences Strategy and then left in limbo as the Science Minister position went unoccupied for three months from July to October. Under Truss Nusrat
Ghani was appointed and then under Sunak George Freeman was given the job. We now have two science ministers but still no clarity on for example the Manifesto commitment to a Dementia Moonshot. The Government also decided to abolish the National Science and Technology Council just a year after Boris Johnson set it up and then re-instate it under the same name – but insisting it is a new entity.
When I regularly meet with life science stakeholders, universities, researchers, venture capital, startups and spin outs, their message is clear: the uncertainty and omni-crisis of this government make it difficult for them to invest, operate and prosper. Our life science sector needs and deserves a long-term partner but they have not, and they will not, get this from the current Conservative Government.
Investing in Life Sciences is a no-brainer for our economy. Research from Kings College London and Brunel University demonstrates that for every £1 invested in medical research, we get back 25p to the economy each and every year. Analysis from the American Pharmaceutical Group shows that if the UK were to maximize our potential of becoming a global life sciences hub, the UK could gain £68.1 billion in GDP over 30 years from increased R&D investment.1 Our wonderful NHS should be a magnet for Phase 3 trials. Instead overworked and not properly incentivized, the number of trails have fallen by 41 percent.
A Labour Government would build on the UK’s life science successes, ensuring we spend 3% of our GDP on research and development through a mix of public and private spending.
When the state, science, universities and private sector come together the country can truly succeed. It is this recipe, detailed in our Industrial Strategy: Prosperity Through Partnership, which the next Labour Government will champion. We only have to recall the pandemic and the Astra Zeneca vaccine to illustrate this.
The development, manufacture and delivery of the vaccine into so many arms did not happen by accident. Targeted long-term investment in life sciences by successive Labour governments was a crucial building block of the UK’s strength and expertise in that sector, beginning with the establishment of the Biosciences Innovation and Growth Team and the Office for Life Sciences.
Labour understand that life sciences will be crucial to building regional economies which are strong and self-sufficient. We see a clear path from preliminary research to phase three clinical trials, to pharmaceutical manufacturing and the jobs you can raise a family on. That’s why Labour would also champion universities as engines of regional innovation. We would strengthen regional economies through spreading R&D investment and opportunities across the country.
Only a Labour Government, with our Industrial Strategy, can provide the investment, stability and long-term strategy for Life Sciences to prosper.