Medicines Manufacturing Industry
Debate between Baroness Hooper and Lord Parkinson of Whitley Bay
Lord Parkinson of Whitley Bay (Con)
Of course, we keep an eye on what is happening around the world to ensure that we maintain our competitive edge but, as I said, we are second only to the United States for life sciences investment. We are supported by a mature and sophisticated capital market and the second biggest hub for private equity and venture capital after the US, so we have many advantages to be proud of as well.
Baroness Hooper (Con)
Does my noble friend not agree that it is not only a decline in the manufacture of medicines but a decline in the manufacture of medical devices that we see at present? As far as I can make out, most medical devices are imported from China. Will the Government consider looking at a market such as Costa Rica, a country which has as its largest export medical devices, as a friendly and democratic country that we could do business with?
Lord Parkinson of Whitley Bay (Con)
My noble friend has great expertise in the economies of Latin America and South America. I will ensure that the example of Costa Rica is being heeded in the department.