Inflation Reduction Act: Threats and opportunities for UK life sciences - Webinar
As its implementation draws closer, what is the Inflation Reduction Act and how will it impact you?
The Inflation Reduction Act of 2022 (IRA), was signed into law by President Biden in August 2022, to spur investment in green technology in the United States, setting aside $369bn in subsidies through grants, loans and tax credits to public and private entities.
The IRA is designed to help the US reduce its dependence on China for critical raw materials for green technology. The act requires that a high percentage of components of these green technologies, such as lithium-ion batteries, be made in the US or by a country with which the US has a free trade agreement. This will force producers to rework their supply chains away from China.
Although it is still in its early stage, to fully understand what the full impact of the IRA will be. However, the Act has the potential to disrupt the global green technology market.
There is a widespread sense among EU and UK politicians and business leaders that the IRA will negatively impact them. The EU is a major producer of lithium-ion batteries, and the UK is a major producer of electric vehicles. The IRA could make it more difficult for these companies to compete with US companies, which will have access to government subsidies.
In this webinar, BIA’s CEO, Steve Bates together with other leading figures and experts in the biotech and life science sector discuss the threats and opportunities that IRA stand to offer both legislatively and economically.
Watch the webinar that demystifies the IRA itself and the timelines involved, explore the reaction Stateside, and then consider UK concerns and potential opportunities for the UK market.