Life sciences are the jewel in the crown of the economy and we must play to our strengths.
The industry exports £30bn annually and is forecast to hit £40bn by 2020. It also invests more in R&D than any other industry, nearly twice as much as the next biggest sector, and it attracts enormous global attention, with more foreign direct investment than anyone in Europe, second only to the US worldwide.
If the Government actively supports development of the skills and infrastructure this industry needs, it is certain to fly and this is a good enough reason to place it at the heart of the new industrial strategy.
When we talk about our economy, we hear about financial services, the role of tourism, and the car industry. Few seem to know that we are actually very good at life science and a beacon of hope for the sick across the world.
Here’s my article for the Daily Telegraph on the importance of this world-beating British industry.