Asked by: Chris Green (Conservative - Bolton West)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, with reference to the document entitled Life Sciences Competitiveness Indicators 2023, published on 13 July 2023, whether she has made an assessment of the implications for her policies of the reduction in (a) inward life sciences foreign direct investment and (b) equity finance raised by life sciences companies in 2022.
Answered by George Freeman
The reduction in the estimated value of inward life sciences foreign direct investment and in equity finance raised in 2022 was not unique to the UK. Other global business environments, such as the USA, also saw falls in investment and equity raised. This was in large part due to changes in the life sciences investment environment following the COVID-19 pandemic and broader economic factors. Regardless, the department is acting in the face of fierce global competition. DSIT, DHSC and the Treasury announced a package of measures in May 2023, backed by over £650 million in funding, to reverse this decline.
Asked by: Chris Green (Conservative - Bolton West)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, whether she has made an assessment of potential links between the Voluntary Scheme for Branded Medicines Pricing and Access and levels of foreign direct investment in life sciences.
Answered by George Freeman
The Government has considered in broad terms the link between volume-based rebate payments in our medicine pricing schemes and various kinds of investment in our Impact Assessment of updates to the Statutory Scheme for branded medicines pricing, which operates alongside voluntary scheme for branded medicines pricing and access (VPAS). The Government’s 2023 Impact Assessment of updates to the Statutory Scheme can be found here: www.gov.uk/government/consultations/review-of-the-scheme-to-control-the-cost-of-branded-health-service-medicines.
We are in close discussions with the Department of Health and Social Care and Department for Business and Trade about the business environment for life sciences and its impact on investment.
Asked by: Chris Green (Conservative - Bolton West)
Question to the Department for Science, Innovation & Technology:
What steps her Department is taking to advance the UK's role in the science and technology sector.
Answered by Paul Scully
In March,the Government published the Science and Technology Framework. This details our strategic vision for how to make the UK a science and technology superpower by 2030.
The Framework sets out the steps required to attract investment, grow UK companies, innovate successfully and safely, and deploy our world class science and technology research base for good.
We have already announced investment of £900million in exascale computing, £2.5billion over 10 years in quantum technologies and a £1billion semiconductor strategy.
Asked by: Chris Green (Conservative - Bolton West)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, how much and what proportion of the £354m funding allocated to life sciences manufacturing has been allocated to life sciences manufacturing projects; and which projects have received this funding.
Answered by George Freeman
This Government recognises the valuable role that life sciences manufacturing plays in the UK economy, as outlined in the Life Sciences Vision published in 2021. Last March, we launched the £60 million Life Sciences Innovative Manufacturing Fund to encourage manufacturing investment in the UK. The fund has received a large number of high-quality applications and we expect to announce the grant recipients shortly. In addition, the UK has supported several other life sciences manufacturing investments including through a grant of up to £15.9m to chemical producer Croda to increase the UK’s capacity to manufacture lipid nanoparticles for mRNA vaccines at their site in Leek, and up to £12.3m to support Smith&Nephew’s new Advanced Wound Management manufacturing and R&D site near Hull. The Government continues to work with the life sciences industry to support manufacturing investments in the UK.
Asked by: Chris Green (Conservative - Bolton West)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, how much revenue was raised for the Exchequer by the sale of the Vaccines Manufacturing Innovation Centre; and whether those funds will be reinvested into life sciences manufacturing capabilities in the UK.
Answered by George Freeman
The Vaccine Taskforce granted funding to VMIC Ltd to support development of the Vaccine Manufacturing and Innovation Centre, a vaccine research and manufacturing facility in Harwell.
In late 2021, VMIC UK Ltd's Board of Directors made the decision to sell the facility through a competitive process. In April 2022, the facility was sold to Catalent. VMIC Ltd subsequently entered a voluntary liquidation.
The courts appointed liquidators to act on behalf of creditors and this process is under way. It is not possible to comment on the question of revenue raised while the liquidation process is ongoing.
Asked by: Chris Green (Conservative - Bolton West)
Question to the Department for Science, Innovation & Technology:
To ask the Secretary of State for Science, Innovation and Technology, what assessment she has made for the implications for her policies of the recent analysis published by WPI Economics: False Economy Report on the impact of rebate rates under the Voluntary and Statutory Schemes for Branded Medicines Pricing and Access on the level of future R&D investment.
Answered by George Freeman
The Department carefully considers all evidence in the public domain on matters relating to the growth and competitiveness of the UK Life Science sector, including the recent report by WPI Strategy. This happens in combination with broad engagement with individual companies, the NHS and with charities and patient representatives, and will continue in future as part of the delivery of the Government’s Life Science Vision.