BIA response to Invest 2035: The UK's modern Industrial Strategy
The BIA has responded to the Department for Business and Trade's consultation on Invest 2035: The UK's modern industrial strategy. For further details about the consultation, please visit gov.uk.
The BIA welcomes this open consultation, as well as the government's designation of the life sciences as one of the key growth-driving sectors that the strategy will focus on. We believe the sector has significant potential for growth, and in order to capture a greater share of internationally mobile investment in life science and spur domestic businesses to boost their investment and scale up their growth, we advised that the strategy should:
- Strengthen the successful working partnerships that the UK life science sector has established with the UK government via the Life Science Council and the Office for Life Sciences, and take forward the policy priorities and recommendations already set out in policy documents such as a 'a Prescription for Growth', and the pensions reform and Mansion House agenda.
- Ensure focus is maintained on the key sub sectors and technologies in life science, such as engineering biology, Deep Biotech, genomics, mRNA, cell and gene therapies, and precision medicine.
- Address the key barriers to growth, from access to scale-up finance to skills, regulation, and trade disruption.
- Create the right conditions for increased investment by creating a competitive tax and business environment, focusing on smart procurement from UK scalers, improving health data, and advocating for intellectual property rights globally.
