Life Sciences Investment Debate
Full Debate: Read Full DebateDepartment: Department for Digital, Culture, Media & Sport
Chi Onwurah
Main Page: Chi Onwurah (Labour - Newcastle upon Tyne Central and West)Department Debates - View all Chi Onwurah's debates with the Department for Digital, Culture, Media & Sport
Life Sciences Investment
Chi Onwurah Excerpts(1 day, 11 hours ago)
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Dame Chi Onwurah (Newcastle upon Tyne Central and West) (Lab)
I welcome the Minister to his place, but I wish it was under better circumstances. The loss of Merck’s investment, following the loss of AstraZeneca’s investment in January, will certainly be perceived as a blow to the UK’s life sciences sector, though we must not forget the amazing work that businesses, start-ups and researchers do in constituencies across the country, including my own. We also must not forget the importance of value for money in NHS spending.
The Select Committee will hold an urgent session on Tuesday to examine the issues in the life sciences sector, including tariffs, investment incentives from the US, access to capital and the relationship with NHS pricing. In the meantime, it is clear that the life sciences sector plan, published in July, does not reflect market conditions. Could the Minister update us on how, and how quickly, he plans to revise that plan?
Ian Murray
I thank the Chair of the Select Committee for that constructive approach, and I look forward to the session on Tuesday to examine this really important issue. She mentioned the life sciences sector plan, which is really important. It comes with significant investment in research and development, improving clinical trial performance, and moving money and support from other key sectors into the sectors that are in the industrial strategy. Life sciences benefit from that. There is £2.5 billion a year going into life sciences from this Government, and that contributes to the £9 billion that the private sector invests every year.
As the Chair of the Select Committee will know, the Chancellor gave the most generous settlement for research and development ever in the spending review last year, with £86 billion over the spending review period. That is to support the industrial strategy, of which life sciences is a key sector. I know from companies in my constituency that the sector is growing and needs more support, and we are determined to deliver that.