Government announces multi-billion pound life science sector deal

As part of the launch of the British government’s industrial strategy for safeguarding the UK economy post-Brexit, it has announced a multi-billion pound sector deal designed to boost the nation’s life science sector.

The deal is intended to foster “new pioneering treatments and medical technologies” in the UK, in order to improve patient outcomes whilst simultaneously bolstering economic growth.

The deal involves substantial investment from private and charitable sectors and significant commitments in research and development from the government.

Sector deals already exist in some industries; for example, the government’s long partnership with the Auto Council and more recent collaborations, which include tourism and the creative industries.

The government says it looks to extend such partnerships to other industries which have demonstrated an interest in doing so.

The life sciences sector is export focused, generating £64 billion of turnover and employing over 233,000 scientists and staff. The UK is home to major players such as GSK and AstraZeneca.

Charities such as the Wellcome Trust and Cancer Research UK play key roles in the industry.

The Sector Deal builds on the Life Sciences Industrial Strategy, which was led by the sector and Professor Sir John Bell.

Business Secretary Greg Clark said: “The news comes as the government also announces it has secured a significant investment in the UK’s life science sector from MSD (also known as Merck in the US) – one of the major players in pharma. MSD will open a UK research and innovation hub, focussed on future treatments for patients and pioneering medicines.

“Our life sciences sector is one of the UK’s fastest developing industries, with a turnover in excess of £64 billion, employing 233,000 across the UK.

“MSD’s commitment today, and the wider Sector Deal investment we have secured, proves the process outlined in the Industrial Strategy can give companies the confidence and direction they need to invest in the UK. It will ensure Britain continues to be at the forefront of innovation and represents a huge vote of confidence in our Industrial Strategy.”