BIVDA Press Release - BIVDA comments on Life Science Competitiveness Report
BIVDA comments on Life Science Competitiveness Report
BIVDA has welcomed the publication of the Life Science Competitiveness Indicators 2020, a report that gives a comprehensive outline of the state of the UK life sciences sector covering research funding, import-export levels and investment, amongst other key indicators. Life sciences continue to be a crucial pillar of the UK economy generating almost £81bn annually and employing over 250,000 people.
In terms of Government activity regarding life sciences, a number of projects have advanced which propel the sector towards growth objectives and an even better global standing. Initiatives include the Biobank genomics project, the Accelerated Access Collaborative and the Voluntary Scheme for Branded Medicines Pricing and Access (VPAS). R&D spending in the sector will be raised to 2.4% of GDP by 2027, according to Government strategy for the area. The UK maintains its position with the second highest level of government spending on health R&D amongst the comparators, behind only the United States of America.
Commenting on the findings, BIVDA CEO Doris-Ann Williams said;
“The findings of this report show that Britain continues to be a world leader in life sciences after a year where the public focus was on our sector more than ever. It is impressive to see high levels of research funding, increasing collaboration with the NHS and growing exports of medical technology, which are up 7.8% between 2018 and 2019. However, it is concerning to see a fall in the value of Foreign Direct Investment into the UK life sciences sector, at a time when international collaboration is needed to tackle the threat of current and future health challenges.
We hope the Government’s ambition to foster a stronger domestic diagnostics industry will help bring investment into the UK."
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