UK Life Sciences Employees ‘Highly Productive’
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Research conducted by PwC and commissioned by the Association of the British Pharmaceutical Industry (ABPI) has revealed that employees within the life sciences sector are twice as productive as the UK average.
According to the report, the gross added value (GVA) of someone working in the UK’s life sciences industry is £104,000, compared to the national average of £49,000.
In addition, the research found that the sector contributed £30.7 billion to the country’s economy in 2015 and that every job in the life sciences industry supports 2.5 other positions elsewhere.
Dr Virginia Acha, ABPI executive director for research, medical and innovation, said that the report not only highlights the strategic value of the life sciences sector, but also its contribution to the UK’s economy.
She added: “If we are serious about improving our productivity, increasing public and private investment in science and innovation across the UK will be a fundamental piece of the puzzle.”
The research highlighted several areas in particular that are clusters of activity for the sector, including East Anglia, the South East of England and Wales.
Despite Brexit casting a shadow over many investment opportunities in the UK, the Daily Telegraph highlighted the positive outlook for the life sciences sector earlier this year.
It reported that many experts are optimistic about investment levels in 2017, expecting them to early stage investment to continue to grow as more investors are attracted to the sector.
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