BIA submission to the BEIS Business Productivity Review
The BIA has responded the the Department for Business, Energy and Industrial Strategy's consutlation on business productivity.
In our submission, we highlighted that:
- The UK life sciences sector productivity is twice the UK average and it invests more in R&D than any other sector
- Bioscience SMEs are operating at the leading edge of innovation and feeding innovation into the larger pharmaceutical and healthcare industries
- There are unique challenges in life sciences R&D that set the sector apart from others in the economy, even other R&D-intensive industries. It is a highly competitive and capital intensive sector.
- Government policy support to promote long-term investment in the sector is essential to maintaining it's high productivity, as are R&D grant funding programmes such as the Biomedical Catalyst