Public investment in Canary Wharf is a vote of confidence in British business
British life sciences are a beacon of hope with the power to transform lives, but to realise their full potential, the public and private sectors must work together, says minister of state Andrew Griffith
The UK’s life sciences sector is a true British success story. For millions of people across the country who are facing health challenges – and the millions more whose friends and family are in the same position – our life sciences sector is providing a beacon of hope.
Imagine a loved one diagnosed with a chronic illness, their future shrouded in uncertainty. It is in these moments of vulnerability – moments that almost every Briton will experience once in their lives – that the transformative power of this industry truly shines. From diabetics managing their conditions with the latest insulin pumps to cancer patients benefiting from groundbreaking immunotherapy, life sciences innovations are often a lifeline to those most in need. And, as advances in everything from AI to genomics open the door to a revolution in healthcare, we can expect the sector to go from strength to strength.
Innovations like these do not just promise healthier lives for people in Britain and beyond our shores. They promise a healthier future for our economy, too.
With a turnover of more than £100bn, the UK’s life sciences sector is a pillar of progress.
Today, it employs over 300,000 people in high-skilled jobs. From drug discovery and diagnostics to medical technology and digital health, the industry is boosting Britain’s competitiveness on the global stage. And as the success of Liverpool City Region’s life sciences investment zone goes to show, boosted last week by a £650m investment by AstraZeneca, it is attracting substantial foreign investment right across the UK today. By investing in R&D, the life sciences promise a brighter tomorrow, too – a future where scientific innovation, better public services and economic prosperity go hand in hand.
The question is – how? Several factors set the UK apart in the life sciences arena. A long-standing tradition of scientific excellence underpins the sector, with world-renowned universities and research institutions. Partnerships between academia, industry, and our NHS, enable the seamless translation of research into real-world solutions that directly benefit patients. Finally, of course, we have a Government that recognises the extraordinary value of our life sciences sector for communities up and down the country.
In the Budget last week, the Chancellor put life sciences right at the heart of the Government’s plan for growing an innovative economy here in Britain. Building on £520m in additional funding already committed to supporting life sciences manufacturing, the Chancellor announced £7.5m in grants to cutting edge companies Almac and Ortho Clinical Diagnostics. Unlocking over £84m in private investment, these investments will cement our position as a global life sciences leader.
But public investment will only go so far. While government investment provides a vital foundation for the UK’s life sciences sector, unlocking its full potential necessitates a dynamic partnership with the private sector. I know from my time as City Minister how private investment acts as the fuel that propels innovation forward, attracting top talent and fostering a forward-thinking, market-driven philosophy all the way through British science and tech.
It was that same philosophy which motivated the Chancellor’s decision in the Budget to invest £118m investment in the transformation of Canary Wharf, including a hub for life science companies.
In choosing to provide his backing to a place whose skyscrapers have – for several decades – been symbols of Britain’s ambition and openness to the world, the Chancellor’s choice represents a vote of confidence in British science and British business.
As we shift our strategic focus towards scientific innovation and enhancing the sector’s prospects for private investment, I am confident that the new proximity of a global finance centre with our most innovative firms will mark the beginning of a new, unique relationship between Britain’s start-ups and scale-ups and our world-leading financial services industry.
The partnership between private and public funding is a strategic alliance for our scientific age; by leveraging the strengths of both sectors, I believe that we can create a resilient, vibrant and competitive life sciences landscape – one that transforms prospects not just for our economy, but for the health and well-being of our nation, too.
Andrew Griffith is Minister of State for Science, Research and Innovation