Collaboration With US Will Help UK Life Science Sector To Expand
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The UK life sciences sector has the opportunity to expand further if it collaborates with the USA, secretary of state Dr Liam Fox has stated.
The international trade secretary spoke to members of the American Pharmaceutical Group (APG) and representatives from the US Embassy earlier this week about his vision for an increase in trade between Britain and the US within the life-sciences sector.
Dr Fox noted that there are already “strong ties” between the two nations, with UK’s “world leading innovation” assisting companies in America to create solutions that have an impact on people all over the globe.
“As an international economic department, I want us to go further and see even more British businesses making the most of the opportunities presented by this relationship, not just in this sector, as we look to deepen our trading ties with the US after we leave the European Union,” the MP commented.
At the event, the secretary of state stated a collaboration would be a great opportunity for small and medium-sized enterprises in the UK that specialise in biotech research and development, as they could potentially strike up relationships with big pharmaceutical companies in America.
Last year alone, Britain exported £6 billion worth of pharma products across the Atlantic, which shows there is a demand for British expertise and technology within the industry overseas.
Overall, the life science division in the UK is producing a record turnover of more than £70 billion, and last year saw Britain receive the highest amount of foreign direct investment in Europe for the sector.
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