Life Sciences Investment Debate
Full Debate: Read Full DebateDepartment: Department for Digital, Culture, Media & Sport
Gregory Stafford
Main Page: Gregory Stafford (Conservative - Farnham and Bordon)Department Debates - View all Gregory Stafford's debates with the Department for Digital, Culture, Media & Sport
Life Sciences Investment
Gregory Stafford Excerpts(1 day, 11 hours ago)
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Ian Murray
I am tempted to say no, just to see what reaction that gets! But of course I will meet any hon. or right hon. Member across the House to discuss the life sciences sector. Whether we are talking about the north, south, east or west, including in my own constituency, the life sciences play a key role and will continue to do so.
Gregory Stafford (Farnham and Bordon) (Con)
I must declare that my wife works in the pharmaceutical and life sciences industry. The Minister and the Chancellor claim to want to boost growth, yet investment is fleeing the very sectors that he claims are a priority. Is it not the case that the vague aspirations of the Government do not meet the real-world test and that the people who are going to suffer from this are his constituents and, unfortunately, mine?
Ian Murray
I congratulate the hon. Gentleman’s wife on what she does in the sector—she is the only one in the family with a real job. That shows the depth and breadth of the sector across the country; everyone will know someone who works in it. We have £86 billion from the spending review going into research and development, and £2.5 billion backing the life sciences sector plan. Economic and geopolitical issues are of course affecting the pharmaceutical industry at the moment. As I said in my opening remarks, MSD’s quarterly report said that it had to take $3 billion out of operating costs over the next few years; unfortunately and regrettably, this decision is part of that plan.