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"The UK remains genuinely world-leading for life sciences in numerous areas - yet we continue to underperform on our potential," said Richard Torbett, Chief Executive of the Association of the British Pharmaceutical Industry (ABPI). His statement is based on recent government data indicating that the UK is not fully capitalizing on its strong historical and institutional advantages in life sciences across a range of economic, health, and research indicators. The latest 'Life sciences competitiveness indicators 2024' report from the government's Office for Life Sciences revealed that while the pharmaceutical industry leads in R&D spending with £9 billion in 2022, representing a fifth of total business investment, the country saw a notable decline in foreign direct investment (FDI), industry clinical trials, and exports. In 2023, FDI dropped by 21 per cent to £0.8 billion, following a trend that saw a 52 per cent decrease over the previous two years, including a £0.9 billion fall in FDI the year prior.

The UK must act swiftly to fend off competition if it wants to build the world's leading life sciences sciences hub, a new report suggests. A year on from the launch of the government's life science vision, the report commissioned by the the Association of the British Pharmaceutical Industry said although achieving the ambition remained feasible, the UK would need an attractive business environment because its competitor countries were becoming more adept at attracting investment. To achieve the ambition of the vision, the PwC-produced report suggested raising pharmaceutical R&D investment in the UK to build a 'stronger manufacturing and research infrastructure', alongside better investment in, access to and uptake of innovative medicines. It said the UK would also need to adopt a renewed approach to the priority healthcare challenges identified in the government's 'Life Science Vision', which would mean cutting the overall burden on health of dementia, cancer, cardiovascular and respiratory disease and mental health. The report quantified the size of the prize if the vision was implemented in full and the UK could emulate the successes of leading EU countries, which included: £68 billion in additional GDP over 30 years, owing to increased R&D investment £16.3 billion additional annual GDP from increased pharmaceutical exports Supporting 85,000 additional jobs Up to 40 per cent decrease in disease burden across the whole UK - for areas like cardiovascular disease, mental health conditions and Cancer. Reduced variation in speed of access to new medicines within three months of licensing for all NHS patients.

NextGen Life Sciences is devotedly providing leading innovations and solutions for the present and future of the biotech world.

In its submission to the Treasury ahead of the Comprehensive Spending Review this autumn, the Association of the British Pharmaceutical Industry (ABPI) says it is essential for the government to deliver "meaningful investment" for the UK's Life Science Vision. Richard Torbett, chief executive of the ABPI, has written to the UK's chancellor of the Exchequer, Rishi Sunak, making a case for investing in the life sciences sector while stressing on the contribution it has made to global public health during the pandemic. The government's pledge to invest £22 billion per year in R&D by the end of this parliament is an essential foundation for life sciences growth, but the sector also needs the right incentives to encourage private business investment, it said.

The Association of the British Pharmaceutical Industry (ABPI) has laid out a series of urgent actions it wants the newly elected Labour government to implement within its first 100 days in office. Among the top priorities, the ABPI has emphasised the urgent need to appoint a new Chair and Chief Executive for the Medicines and Healthcare products Regulatory Agency (MHRA). Additionally, the ABPI has urged the new government to launch the Life Sciences Manufacturing Capital Grants Facility without delay. Other measures the ABPI wants Labour to prioritise include: Rapidly passing outstanding UK clinical trials legislation to enhance the UK's attractiveness for inward investment, including into research within the NHS. Increasing commercial flexibility in the NHS England Commercial Framework for New Medicines to remove barriers for companies to launch new medicines and indications so that NHS patients can access the latest innovative medicines.

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