The productivity of the UK’s Life Sciences sector is more than double the UK average, says a new report launched today [6 March].
The PwC report, 'The Economic contribution of the UK Life Sciences industry', commissioned by the Association of the British Pharmaceutical Industry (ABPI) and supported by the Association of the British Healthcare Industry (ABHI), the BioIndustry Association (BIA), and the British In Vitro Diagnostics Association (BIVDA), shows that the average productivity of UK Life Sciences employees, expressed as Gross Value Added (GVA), is £104,000 compared to the UK GVA average of £49,000.
Other key findings include:
Dr Virginia Acha, ABPI Executive Director – Research, Medical and Innovation, said:
"The Life Sciences sector has been recognised by the Prime Minister as being of strategic importance for the UK. In both the UK and global healthcare markets, the sector plays a vital role in helping to tackle long-term health challenges. This report reflects, for the first-time, how our sector also plays a vital role in contributing to the UK economy.
The UK's productivity problem is well-known, and whether in advanced medicines manufacturing, med-tech or world-leading biopharma R&D, this report emphasises the true value UK Life Sciences has to offer. If we are serious about improving our productivity, increasing public and private investment in science and innovation across the UK will be a fundamental piece of the puzzle."
Jo Pisani, Partner at PwC and author of the report, said:
"PwC are pleased to support the UK Life Sciences Industry by producing this important report. The sector is a major contributor to employment, taxes and GDP – providing high skilled and highly productive jobs across the UK."
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About the ABPI
The ABPI represents innovative research-based biopharmaceutical companies, large, medium and small, leading an exciting new era of biosciences in the UK.
Our industry, a major contributor to the economy of the UK, brings life-saving and life-enhancing medicines to patients. We represent companies who supply more than 80 per cent of all branded medicines used by the NHS and who are researching and developing the majority of the current medicines pipeline, ensuring that the UK remains at the forefront of helping patients prevent and overcome disease.
Globally our industry is researching and developing more than 7,000 new medicines.
The ABPI is recognised by government as the industry body negotiating on behalf of the branded pharmaceutical industry for statutory consultation requirements including the pricing scheme for medicines in the UK.
About the ABHI
The Association of British Healthcare Industries (ABHI) is the industry association for the medical technology sector in the UK. ABHI's mission is to champion the benefits and use of safe and effective medical technologies to deliver high quality patient outcomes. With over 250 members, ABHI leads the advocacy of the industry in order to advance access to medical technology. Our membership includes some of the leading multinational businesses in the sector in the UK right the way through to small and medium sized enterprises (SMEs).
For further information, visit the ABHI website: www.abhi.org.uk
About the BIA
Established over 25 years ago at the infancy of biotechnology, the BioIndustry Association (BIA) is the trade association for innovative enterprises involved in UK bioscience. Members include emerging and more established bioscience companies; pharmaceutical companies; academic, research and philanthropic organisations; and service providers to the bioscience sector. The BIA represents the interests of its members to a broad section of stakeholders, from government and regulators to patient groups and the media. Our goal is to secure the UK's position as a global hub and as the best location for innovative research and commercialisation, enabling our world-leading research base to deliver healthcare solutions that can truly make a difference to people's lives.
For further information, please go to www.bioindustry.org and twitter.com/BIA_UK
About the BIVDA
The British In Vitro Diagnostics Association (BIVDA) is the national industry association for the manufacturers and distributors of in vitro diagnostic (IVD) products in the UK. We represent over 150 members from the IVD industry, ranging from British start-up companies to UK subsidiaries of multinational corporations.
IVD tests are central to the successful diagnosis, treatment and management of patients. Approximately 70% of clinical decisions made by healthcare professionals are made using IVDs. Diagnostics are also used to monitor, screen and assess people for potential health problems while allowing people to manage their own conditions.
Further information is available on our website www.bivda.co.uk