Life Sciences Investment Debate
Full Debate: Read Full DebateDepartment: Department for Digital, Culture, Media & Sport
Kim Johnson
Main Page: Kim Johnson (Labour - Liverpool Riverside)Department Debates - View all Kim Johnson's debates with the Department for Digital, Culture, Media & Sport
Life Sciences Investment
Kim Johnson Excerpts(1 day, 11 hours ago)
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Ian Murray
I am grateful to my hon. Friend and would be happy to take him up on that meeting to hear about his experience directly. He raises the big issue around the legacy left by the previous Government after 15 years of underinvestment in medical pricing. The Health Secretary made a £1 billion offer to the pharmaceutical industry over the summer, which the pharmaceutical industry decided not to vote on, so it was withdrawn, which was disappointing. The last deal was done in 2023 under the previous Government. This is a long-term issue that must be resolved.
Kim Johnson (Liverpool Riverside) (Lab)
Life sciences play a significant role in the economy and public health initiatives across the Liverpool city region. It was a blow earlier this year when AstraZeneca pulled out of the £450 million deal to expand its plant in Speke. How is the Department supporting the Liverpool City Mayor and the life sciences investment zone to build confidence and secure greater investment for the sector?
Ian Murray
Very simply, the life sciences sector plan has been set out to give the industry certainty over the longer term that this Government are serious about the investment that both we and the industry will make in the sector, with £2.5 billion a year from this Government and, at £86 billion, the largest settlement for R&D ever in the spending review. I hope that gives reassurance to my hon. Friend’s constituents and to the life sciences companies in her constituency and around the region that this Government are serious about backing them.