The House of Lords Science and Technology Committee has published its report Life Sciences Industrial Strategy: Who's driving the bus? where it raises serious concern about the Government’s commitment to delivering the strategy which has so far been “wholly inadequate” and recommends there should be sweeping simplification of its implementation arrangements.
The success of the life sciences sector is vital to the UK economy and the health and wellbeing of the population. The report focusses on the issues that require immediate action to ensure the development and expansion of the sector.
Over the course of the inquiry, the Committee has uncovered complicated arrangements for strategy’s implementation and a lack of clear authority and accountability. This raises questions about the Government’s commitment to implementing the Life Sciences Industrial Strategy.
The Committee recommends there should be a single body with complete oversight of its implementation called the Life Sciences Governing Body. The Business, Energy and Industrial Strategy Secretary and the Health and Social Care Secretary must ensure this Body has the cross-Government backing it needs to do its work.
The strategy contains a goal to create four UK companies valued at greater than £20 billion market cap in the next 10 years. However, the Committee heard compelling evidence that the UK is relatively poor at growing small and medium-sized firms into larger companies. If this goal is to be realised, there must be a significant increase in the scale of patient investment capital available to innovative firms in the sector to enable them to grow over many years.
Chairman of the Committee, Lord Patel, said: “If implemented correctly the Life Sciences Industrial Strategy will make a major contribution to the future economic prosperity of the UK but what became clear throughout our inquiry is that it stands little chance of success without a detailed plan for implementation and clear lines of authority, responsibility and accountability.
“The Government has an opportunity right now to get ahead of international competition. It can, and must, take bold steps to secure the future growth and expansion of the life sciences sector. This is even more vital as the UK prepares for life outside the European Union.”
Source: The House of Lords Science and Technology press release
WANT TO KNOW MORE ABOUT LIFE SCIENCES INDUSTRIAL STRATEGY?
In January 2018, John Bassett, IFST’s Policy and Scientific Development Director gave evidence to the House of Lords Science and Technology Select Committee inquiry. Read the report!