R&D investment could see Britain develop a world-leading Life Sciences strategy

As the industry’s thoughts turn to making the most from the UK’s impending departure from the EU, Professor Sir John Bell releases a report with the Life Sciences Industrial Strategy Board. The report asks how Britain could build a world-leading life sciences strategy.

What does world-leading mean?

Life science is a global industry, and while tech largely eliminates geographical barriers, investment and strategy in this growing area could help secure the UK’s role in the global economy.

 What needs to be done?

Sir John Bell’s report focuses on a deal between the Government and the life sciences industry. It also recommends a variety of actions, from increasing the number of clinical trials carried out by 50% to attracting capital investment for large and small manufacturing facilities.

Here are three key recommendations;

  • Invest in R&D
    The report strongly recommends that research and development (R&D) spending should rise from 1.6% of GDP to 2.6% over the next five years. That would put the UK in the top quartile worldwide, which the report suggests could help attract 2000 new scientists from around the globe and create a centre of excellence.
  • Prioritise AI
    Things have changed since the 1970s when Sir James Lighthill cut funding for robotics and Artificial Intelligence (AI). Sir John Bell’s report recommends reviewing how AI can be used to support the biopharmaceutical industry, particularly to transform pathology and medical imaging.
  • Cooperation between central, local and regional government
    Funding is vital to help create and sustain hubs of science and manufacturing in regions across the UK, but also requires every faction of government to work together – as well as health, housing and education departments. The report suggests collaboration is the only way to genuinely improve healthcare and outcomes in the UK.

Safeguard supports Life Sciences businesses throughout the UK with expert advice and specialist insurance arrangements.

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