Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what steps his Department is taking to promote investment in the UK life sciences sector.

The Life Sciences Vision, published in July 2021, sets out our ten-year strategy on how we would make the UK a Life Sciences superpower. The Vision made a number of commitments to develop a globally competitive Life Sciences investment ecosystem. These included the Life Sciences Innovative Manufacturing Fund, which will provide £60million in capital grants for investment in the manufacturing of human medicines, medical diagnostics and MedTech products in the UK; a new “Long-Term Investment For Technology and Science (LIFTS)” competition, providing up to £500million to support new funds to catalyse investment into the UK’s pioneering science and technology businesses; and eight Healthcare Missions, which will draw in significant private investment. Since the Vision was published, the UK has also attracted over £1billion in private sector investment.