The UK remains a global hub for life science. There are now 5,649 life sciences businesses with a presence in the UK, generating turnover of over £70bn and employing nearly 241,000 people. Life sciences in the UK continues to grow across all key performance indicators, with a 2.4% increase in employment and 9.3% increase in turnover between 2016 and 2017. This equates to 5,700 new jobs and an additional £5.9bn in revenue over the course of 12 months.
Life Sciences are driving a medical revolution, as the scientific discoveries of recent years are translated into patient treatments and products. The next wave of medical technologies creates the opportunity to bring further investment, new highly skilled jobs, and improved healthcare to the UK.
In 2015 the UK Life Sciences contributed £30.4 billion in UK GDP, supported 482,000 jobs and contributed £8.6 billion in taxes. Labour productivity is higher than other major European countries. Life Sciences companies operate across the UK: every region contains a UK head office of a Life Sciences firm. Firms also have wider activities, such as R&D and manufacturing, spread across the UK.
The Government will increase investment in research development to 2.4% of GDP by 2027 and 3% over the longer term – delivering an estimated increase of £80bn over the next 10 years