LONDON, Aug 30 (Reuters) - The British government has rekindled its industrial strategy, unveiled earlier this year to prepare the economy for Brexit, with plans to boost the country’s pharmaceuticals sector via fresh investments and public-private collaborations.
A government-commissioned sector report by immunologist and geneticist John Bell called on Wednesday for more funding of basic science, new incentives for manufacturing, and increased cooperation between drugmakers and the National Health Service (NHS).
Bell’s review, which was welcomed by business minister Greg Clark and health minister Jeremy Hunt, will be followed by a ‘sector deal’ from the government in the coming months, acting on his recommendations with concrete commitments.
The 64 billion pounds ($83 billion) a year life sciences industry is one of several sectors the government has prioritised, along with ultra-low emission vehicles, nuclear and creative industries.
It is the first to see the launch of a sector report under the industrial strategy.
GlaxoSmithKline, Britain’s largest life sciences company, said a stronger and deeper level of collaboration between industry, government, the NHS and academia would make Britain a more attractive place for drugmakers.
While Britain is today a leading centre for drug discovery, its future success is clouded by the country’s decision to leave the European Union, and pharmaceutical companies have called for a careful and phased transition to avoid disruption.
Coinciding with the report, health minister Hunt also announced 14 million pounds of funding to support 11 medical technology research centres to encourage collaboration between the NHS and industry.
Prime Minister Theresa May first announced her “Modern Industrial Strategy” in January with the aim of boosting Britain’s weak productivity growth and spurring investment in technology and research and development.
$1 = 0.7733 pounds Reporting by Ben Hirschler; Editing by Mark Potter