North’s Life Science Economy Has Doubled Year On Year
Date posted:
News
It’s a golden time for life science consulting in the UK, but particularly in the North, where the Life Sciences economy has doubled year on year. According to Med Tech News, the region’s economy has grown by nearly 50 per cent and as much as £4 billion over a year.
This represents a growth from £9.2 billion in 2016 to £13.6 billion in 2017.
The figures, from the Office for Life Sciences, show an increase of 48 per cent year on year, which is 4.8 per cent higher than the national average.
The figures were presented at the Northern Powerhouse Business Summit ‘Great Futures’ by Dr Hakim Yadi, CEO of the NHSA last Friday, where he was also discussing what the north could contribute to tackling issues with the ageing population and advances in artificial intelligence.
“The region has national centres in ageing, digital health, anti-microbial resistance, cancer research and health data. It is again pioneering treatments in and using these capabilities supported by business confidence of £1.6bn of planned investments,” he said.
He also highlighted the national centres leading many areas in life sciences, which are located in the north of England, within the group known as the ‘Northern Powerhouse;
The ‘Northern Powerhouse’ is also home to 19% of the UK biopharmaceutical sector workforce, 29% of the UK Digital Health workforce and 22% of the UK Medical Technology Sector workforce. The number of businesses in the life sciences field has also grown in the north by 755 in the past year.