A new government report shows that the healthtech sector continues to be the UK’s largest life sciences employer.
In the Life sciences competitiveness indicators report, figures show that employment in the healthtech sector has grown at 4.4% and overall turnover has also increased at a rate of 3.9%.
A joint foreword by parliamentary under secretary of State of the Department for Business, Energy and Industrial Strategy and parliamentary under secretary of State of the Department of Health and Social Care, James O’Shaughnessy, states that the “the UK has one of the strongest and most productive health and life sciences industries in the world”.
The report highlights that since 2017, the UK has generated £70.3 billion in annual turnover and has created a total of 6,7000 news jobs across the sector.
ABHI CEO Peter Ellingworth commented on the figures, saying: “The HealthTech sector continues to create new job opportunities right across the UK, with digital health now forming a significant part of the market. The figures not only highlight HealthTech’s importance to UK plc., but critically, to the millions of patients that are served within the NHS each year. With the right level of support, there is significant potential for sustainable growth, and we are engaged with government at a number of levels to enable this.”
Last year, the government published the first Life Sciences Sector Deal to build on its Life Sciences Industrial strategy. The report states how the government intends to increase investment in R&D to 2.4% of GDP by 2027 to deliver an estimated increase of £80 billion over the next decade.
The Sector Deal committed nearly £500 million of investment into UK life sciences and is backed by 25 organisations across the sector to help encourage new innovations and jobs are created in the UK. However, a report earlier this year raised serious concerns over the government’s commitment to delivering the Industrial Strategy.
Produced by the House of Lords Science and Technology Committee, the report states that complicated arrangements and a lack of clear authority raise questions about the government’s commitment to implementing the strategy.
Chairman of the committee, lord Patel, said: “If implemented correctly the Life Sciences Industrial Strategy will make a major contribution to the future economic prosperity of the UK but what became clear throughout our inquiry is that it stands little chance of success without a detailed plan for implementation and clear lines of authority, responsibility and accountability.
“The government has an opportunity right now to get ahead of international competition. It can, and must, take bold steps to secure the future growth and expansion of the life sciences sector. This is even more vital as the UK prepares for life outside the European Union.”