The UK Life Sciences sector welcomed Sir John Bell’s Life Sciences Industrial Strategy last year. Its bold vision and ambition have the potential to drive a new era of growth. But as the latest research from CMS shows, the industry is also sceptical about elements of the strategy and believes that its objectives won’t be met unless the government’s approach changes.
We talked to a range of industry players – including senior life sciences executives, investors and academics – who are positive about the prospects for life sciences in the UK. They have clear ideas about which areas the government should focus on supporting, and what steps should be taken to maximise the chances of success.
However, a staggering 95% of life sciences leaders say more clarity is needed on the implementation of the strategy. Lack of clarity on implementation partly explains why the sector believes some of the strategy’s more ambitious objectives are unachievable. Only 8% of our respondents believe it is possible to create four UK companies valued at over £20bn in the next ten years, for example, and only slightly more (13%) think it is feasible to create two entirely new industries over the same period.
Our findings also highlight the sector is very clear we should be all in on digital, including AI. Some 61% say digital technologies have the greatest potential to drive sector growth if supported by the Government through the proposed Health Advanced Research Programme – an initiative that the strategy recommends should be established to undertake large research infrastructure projects and high-risk ‘moonshot programmes’.
To find out more about the findings or our research on an issue that is vital to the future of the UK life sciences sector post-Brexit, please download the report below.