The UK's life sciences sector is underperforming compared to global competitors, missing out on £15 billion annually over the last decade, as highlighted in a report by LEK Consulting for the Society of Chemical Industry. This decline is attributed to falling foreign investments, shrinking export shares, and a significant drop in clinical trials, which have decreased by 8% each year since 2017-18. Despite possessing a robust research base and standout universities, the sector is struggling to leverage these assets into economic gains. Urgent governmental action is needed to reverse this trend and retain talent and investments.
The government must heed this wake-up call and act to save the UK's life science sector before it is too late. We have all the ingredients - world-class research, universities, and a strong industrial base - but we're losing out to countries that are doing more to keep investment and talent within their borders.
Despite being named one of the eight priority sectors in the government's forthcoming industrial strategy, the life sciences sector is struggling to convert its world-class research base into commercial and economic success.
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