Increased life science investment ‘could create 2,500 jobs’
Research conducted by the Association of British Pharmaceutical Industry (ABPI) indicates that the West Midlands would be one of the principal beneficiaries of the government increased spending on research and development in the life sciences, to its target of 2.4% of GDP by 2027.
If that target was achieved, the research suggests that would boost the West Midlands economy by £185m and create an extra 2,500 jobs. If that investment reached 3% the indications are that 4,500 new jobs would follow.
In last year’s budget, the government committed to increase investment in R&D for life sciences by 2.4% of GDP by 2027 in an effort to match the investment made by countries like Japan, Germany and the USA.
Birmingham would be a major focus of growth in life sciences if investment targets are met, as it is already a hot spot for research and innovation in the sector. Academics at the University of Birmingham work to pioneer new treatments alongside the pharmaceutical industry, and Coventry already hosts multiple pharmaceutical sites.
Dr Richard Torbett from ABPI said: “This research underlines why increasing the amount that government and industry spends on innovation is so important. Industries like pharmaceuticals have the potential to generate the jobs of tomorrow, as well as securing the jobs they provide in the West Midlands today.”
Torbett added that the benefits of investment provides more than just employment: “Our scientists work hand in hand with the NHS to provide medicines which save and improve millions of lives in this country, around the world and in communities in this region. By investing in the life sciences like pharmacy we can be part of the battle against illnesses that continue to blight so many lives – while also helping to deliver jobs and prosperity in the regions like the West Midlands and across Britain.”
