AstraZeneca has announced a significant investment of £650 million in the UK’s Life Sciences sector, aligning with the government’s initiative to bolster the economy and enhance public health protection and pandemic preparedness. This investment is poised to reinforce the UK’s status as a global leader in life sciences, further supporting the sector’s role in driving economic growth and improving healthcare outcomes.
The initiative, part of a broader £650 million ‘Life Sci for Growth’ package announced by Chancellor Jeremy Hunt, encompasses several strategic investments aimed at accelerating the life sciences sector. These include £121 million to improve commercial clinical trials, up to £48 million for scientific innovation to prepare for health emergencies, and £154 million to enhance the UK Biobank capabilities, a critical resource for medical research.
Moreover, the package seeks to stimulate private investment in high-growth science and technology firms by offering up to £250 million as an incentive for pension schemes. This move is designed to benefit the retirement incomes of UK pension savers while fostering the growth of critical sectors like Life Sciences.
The funding will also support the establishment of a new facility at Manchester Science Park and a new Hub to help Small and Medium-sized Enterprises (SMEs) collaborate with industry and academia, enabling multi-disciplinary data accommodation through improved IT infrastructure.
Chancellor Jeremy Hunt highlighted the Life Sciences sector’s substantial contribution to the UK economy, employing over 280,000 people and generating £94 billion annually. The sector was instrumental in producing the world’s first COVID-19 vaccine, underscoring its pivotal role in global health and economic growth.
This investment signifies AstraZeneca’s ongoing confidence in the UK life sciences and its commitment to enhancing the UK’s pandemic preparedness. It represents a strategic move to support innovation, patient access, and the overall growth of the UK’s Life Sciences sector, building on the solid foundation established over the past 25 years since AstraZeneca’s inception
