Medicines Manufacturing Industry

Baroness Hooper Excerpts

Monday 27th February 2023 Lords Chamber

[Lord Parkinson of Whitley Bay (Con)]

Of course, we keep an eye on what is happening around the world to ensure that we maintain our competitive edge but, as I said, we are second only to the United States for life sciences investment. We are supported by a mature and sophisticated capital market and the second biggest hub for private equity and venture capital after the US, so we have many advantages to be proud of as well.

[Baroness Hooper (Con)]

Does my noble friend not agree that it is not only a decline in the manufacture of medicines but a decline in the manufacture of medical devices that we see at present? As far as I can make out, most medical devices are imported from China. Will the Government consider looking at a market such as Costa Rica, a country which has as its largest export medical devices, as a friendly and democratic country that we could do business with?

[Lord Parkinson of Whitley Bay (Con)]

My noble friend has great expertise in the economies of Latin America and South America. I will ensure that the example of Costa Rica is being heeded in the department.