Life Sciences Investment Debate
Full Debate: Read Full DebateDepartment: Department for Digital, Culture, Media & Sport
Richard Foord
Main Page: Richard Foord (Liberal Democrat - Honiton and Sidmouth)Department Debates - View all Richard Foord's debates with the Department for Digital, Culture, Media & Sport
Life Sciences Investment
Richard Foord Excerpts(1 day, 13 hours ago)
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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.
Richard Foord (Honiton and Sidmouth) (LD)
I represent people who work at the excellent Living Systems Institute at the University of Exeter. The purpose-built institute was launched in 2017 to bring together physicists, mathematicians, biologists and biomedical scientists, with the expectation that the life sciences sector was going to enjoy substantial foreign direct investment in the years to come. What effect do the Government anticipate the withdrawal of private investment for life sciences will have on research students, including those at Exeter?
Ian Murray
I would say to life sciences students in the fledgling part of their career that it is a career they should be in for the long term. Life sciences is the future, which is why it is one of the eight key sectors in our industrial strategy. The news the Government have had today on MSD’s commercial decision is incredibly disappointing, but lots of wonderful stuff is going on in the sector, so we should not talk it down. Moderna is investing more, BioNTech is investing more, Isomorphic Labs is investing more, and RoslinCT in my constituency is investing more. Right across the Chamber today we have heard about the companies that are investing more in life sciences. It is a growing industry, so I say to fledgling academics and people who want to get involved in the industry: get in there.