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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.

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.