MP: Supporting Life Sciences Will Boost UK Economy
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Providing adequate support to life science research and development (R&D) will have the knock-on effect of providing a “major boost” to Britain’s economy.
This is the opinion of George Freeman MP, who noted that encouraging life science experts in the country to lead the way for innovation was essential for the UK.
He wrote an article for House Magazine, which was featured in Politics Home, which looked at the changes in the industry, using his experience as a life science entrepreneur and the country’s first ever minister for life sciences.
Mr Freeman stated: “The pace of change in the sector, and the scale of the structural, socio-demographic challenge in UK healthcare requires bold new approaches.”
The MP went on to write: “Supporting our leadership in 21st-century life sciences is not only good for our NHS, it is also a major boost to our economy.”
Using figures from the State of the Discovery Nation 2019 report by the Medicines Discovery Catapult and the BIA, he determined that the industry provides significant contributions to the country’s finances.
Mr Freeman highlighted figures from the study that showed the life sciences sector provided £30.4 billion in UK GDP, contributed £8.6 billion in taxes and was responsible for 482,000 jobs in 2015.
Looking ahead, the number of biotech positions in the industry could increase by 33,000 for 50 new biotech companies.
The report revealed 300 companies are concentrating on discovering new medicines, with 70 per cent working on treatments for cancer and the central nervous system, and anti-infectives.
It also found that it is not just huge organisations that are making a big impact on the industry, but small and medium-sized enterprises (SMEs) also have an important role to play. According to the research, 60 per cent of SMEs have five staff members, while 80 per cent have fewer than 20 people working for them.
Mr Freeman stated that Artificial Intelligence (AI) is significant in life science development, and the UK could “lead the next wave of life-science innovation” with this form of technology.
However, he noted that Britain needs to be more open to technological advancements than it has been in the past.
“We need to use technology better. We urgently need to turn the NHS from being a barrier to technology to being a champion and pioneer of it,” the MP wrote.
Something else that is important to the growth of the UK’s life sciences industry is attracting new investment. This will help provide patients with new drugs as soon as possible, as an increase in finance would aid the R&D, and manufacturing of the treatments.
Without this investment, patients will suffer as they will not have access to potentially life-changing medications.
He noted that life science is helping to transform the country’s healthcare provision, concluding: “The old model of top-down, silo-ed, health and care provision to a passive population in the late stages of diseases is being replaced by a new model based on digital patient empowerment, earlier intervention, prevention and active patient engagement in a new research landscape. The NHS gives us a unique chance to lead and share this revolution with the world.”
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