Life Sciences Businesses
Debate between Baroness Jones of Whitchurch and Lord Johnson of Lainston(2 months ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Minister of State, Department for Business and Trade (Lord Johnson of Lainston) (Con)
The life sciences sector is among the UK’s most globally competitive, with a turnover of more than £108 billion in 2022 and employing over 300,000 people. Supporting the sector is a priority for this Government, as demonstrated through a range of initiatives. These include a £520 million fund supporting life science manufacturing, reforms to the UK’s pension market to boost funding for companies, grants for early-stage companies via Innovate UK, export support and initiatives to accelerate the NHS adopting innovation.
Baroness Jones of Whitchurch (Lab)
I thank the Minister for that reply. We all understand the importance of the life sciences sector to our economy and to the health of our nation. Can he explain why, under this Government, the UK’s share of global exports in this sector was down from 9% to 4%, and our share of global R&D fell from 7.2% to 3.2%, between 2012 and 2020? Does that not represent a complete failure by this Government to create the stability and certainty in which life science innovators can flourish?
Lord Johnson of Lainston (Con)
I am always grateful for challenge from any Peer in this House, but I have very different figures. If I look at the turnover of the life sciences sector, I find that, in 2022 alone, it was up by 13%, and it is up by 40% since 2015. There is a whole lot more that we can do, but I am proud of our record when it comes to garnering investment—FDI, which is particularly my function—into the UK life sciences sector. Over a three-year average, we are third in the world, behind only the United States and Germany. That is rather a significant tribute to the people in this sector and the Government’s support of it.
Regulatory Approval for New Products and Services
Debate between Baroness Jones of Whitchurch and Lord Johnson of Lainston(3 months, 1 week ago)
Lords ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Baroness Jones of Whitchurch
To ask His Majesty’s Government how they plan to support British innovators by tackling delays in getting regulatory approval for new products and services.
The Minister of State, Department for Business and Trade (Lord Johnson of Lainston) (Con)
In the Autumn Statement, we set out proposals to improve the performance and accountability of regulators through reforms to the growth duty. These include asking regulators to set targets on regulatory approvals and monitoring their performance against those targets, alongside offering a fast-track service for regulatory approvals in certain circumstances. Through this, we are committed to working with regulators to ensure that we offer a world-class service to British businesses to support economic growth and innovation.
Baroness Jones of Whitchurch (Lab)
My Lords, I thank the Minister for that reply, but does he accept that British innovators often face a mountain of red tape just to get started? In some cases, it can mean getting approval from up to 11 different regulators. For example, the British Healthcare Trades Association reports that medical equipment suppliers face a complex array of interrelated laws and regulations to get their products to market in the UK, with 95% of them calling for greater regulatory certainty. Those costs and delays are dissuading many from creating new products, which in turn is reflected in patient care and outcomes. So what are the Government doing to address these complexities? Does the Minister support our proposal for a new regulatory innovation office to hold the regulators to account for any delays? What action is being taken to speed up decisions in granting university research funding so that innovators can play their full part in driving up economic growth?