Prospects For Life Sciences After The General Election
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News
With the general election fast approaching, those in the life sciences sector will have been wondering what the various parties might be proposing to support the sector if they are given the keys to Downing Street. The publication of the various manifestos has provided some hints as to what may be in store.
The Conservative manifesto lists life sciences as one of the sectors that will share in a £4.5 billion ‘Advanced Manufacturing Plan’, designed to “secure strategic manufacturing sectors”. This places life sciences alongside the aerospace, automotive and clean energy sectors.
Just what share of this life sciences may get is not stipulated, but it does indicate a recognition of the importance of the sector in the future of the UK economy.
Labour’s manifesto places much focus on economic growth through an industrial strategy. It states that in opposition it has been working with life sciences and other sectors “on the approach we will take to policy” to provide more certainty about the direction of travel. It stated this will be set out once in government.
While this may sound ambiguous, it does indicate that the party has been talking to leaders in the sector and therefore should have some understanding of the support life sciences needs. As the polls strongly suggest Labour will win a very clear victory, those involved in the sector may soon see new details of what is planned.
The Liberal Democrat plans also include an industrial strategy, with science in general and medical research being among the sectors that will be given support. The stated aim is to invest three per cent of GDP in research and development by 2030, rising to 3.5 per cent by 2034.
While the plans differ in detail, one thing that appears clear is that on this issue, unlike many others, there is a lot of consensus between the parties; that life sciences is a major growth area and it must receive support from the government.