Secretary of State breakdowns life sciences growth package worth £650 million

Following its first event last year, EG and Bidwells hosted the second Creating a Scientific Superpower Conference. Focusing on key issues which are crucial to the success of the British economy including talent and investment, the conference brought together leading figures including scientists, business leaders and government ministers.

In attendance was the Secretary of State for Science, Innovation and Technology, Chloe Smith. In her speech, she highlighted the "common purpose and a shared vision" of those who contributed to the event. That is, "to unlock the UK's full scientific potential".

One key focus of the conference was the Oxford-Cambridge Arc, the area located between Oxford, Milton Keynes and Cambridge which adds two million jobs to the British economy and over £110 billion annually. Crucially, the conference discussed how the arc can be sustained as a centre for economic activity.

Referring to the arc, Smith stated that "we have the largest density of Life Sciences R&D in the UK". The Secretary of State used her speech to update the conference on the progress of the government's "Life Sciences Vision" so far. The Life Sciences Vision is the government's plan to boost the sector and improve Britain's health by tackling conditions including cancer, dementia and obesity.

She referred to new investments, including in Genomics England which "provide(s) whole genome sequencing diagnostics" in partnership with the NHS. According to Smith, the work of Genomics England helps "treat a wide range of different diseases, including some of the rarest genetic disorders."

The Secretary of State also mentioned the government's announcement of "a new higher rate of tax relief for R&D-intensive SMEs and start-ups".

Smith went on to highlight the government's life sciences growth package. Worth a total of £650 million, the package was announced by the Chancellor back in May.

According to Smith, £120 million will be used to "to fast-track commercial clinical trials" and £50 million will be used "to help us prepare for future pandemics so that vaccines and other life-saving medicines can be manufactured here in the UK".

The package also included new "planning policy measures" to free up land for new labs. The need to free up land to unlock "long-term growth" has been highlighted by Bidwells according to Smith.

Other measures include government support for East West Rail "to speed up connections to the Harwell, Milton and Cambridge Science parks," as well as the upgrading of the "the UK Biobank and its biomedical database", Smith explained.

Furthermore, the government have committed "£40 million to improve mental health," a key objective of the Life Sciences Vision. In addition, "a £10 million innovation competition" will aid research into "novel digital therapeutics, Med Tech and pharmaceutical treatments." These are treatments which can "help people overcome opioid and cocaine addictions," allowing them "to rebuild their lives", Smith further explained.

Looking to the future, Smith outlined where the government are going "even further over the coming weeks and months".

Firstly, she referred to the "Med Tech Strategy", which is intended to "reduce diagnostic bottlenecks and deliver on the Prime Minister's pledge to cut NHS waiting lists". According to the government, the strategy helps Britain's status as a global science superpower by building on the Life Sciences Vision.

More specifically, Smith clarified that the government wants to exploit new technology to help the diagnosis and treatment of "life-threatening conditions". Therefore, she explained, the government have pledged to invest "at least £50 million" into "MND research between 2022 and 2027", with 70 per cent of that funding already invested into "cutting-edge research projects".

One key theme in recent science and technology has been the development of artificial intelligence (AI). For example, the Labour leader Sir Keir Starmer has talked about how AI can help empower health services to deliver better outcomes for patients in a speech on the future of the NHS.

AI was also featured in Smith's speech. According to her, "the convergence between AI and life sciences couldn't be more topical right now".

She referred to last week's announcement of the AI Diagnostic Fund, which entails the investment of £21 into the deployment of AI within the NHS. NHS Trusts will be able to apply to the new fund to deploy "AI imaging and decision support tools" which can empower Doctors to hasten the diagnosis of cancers, strokes and heart conditions.

After explaining the AI Diagnostic Fund, Smith announced more life science funding. The government are investing £9.5 million to improve our understanding and treat traumatic brain injuries, which are, as Smith said, "a leading cause of death and disability in people under 40 in the UK".

Bringing together pioneering experts to study the long-term effects of brain injuries, the new funding is "in partnership with UKRI MRC and Alzheimer's Research UK". The studies will focus on previously overlooked groups, including "prisoners, rough sleepers and the victims of domestic abuse", Smith clarified, with new data allowing researchers to identify patterns and categorise injuries.

Throughout the rest of her speech, Smith mentioned several programmes worth taking note of.

Firstly, whilst talking about access to capital, Smith mentioned the upcoming launch of the Long-term Investment for Technology and Science (LIFTS). With the aim of supporting Britain's science and technology sector, the LIFTS intends to establish "new investment vehicles to crowd in investment from institutional investors" into leading companies.

Secondly, she mentioned the recent launch of the government's new Research Ventures Catalyst. Supported by "initial public investment of up to £50 million", the "new programme that will pilot collaborative ways of supporting science in the UK".

Research ventures will bring together expertise across disciplines to address challenging problems. They will receive co-investment support "from industry, charities and other third-sector bodies", Smith explained.

Crucially the Secretary of State encouraged "those keen to participate in these ventures to register their interest now".

Thirdly, Smith discussed Horizon Europe, a funding programme for research and innovation run by the EU. She believes that discussions over Britain's involvement in the funding programme are being "actively" moved forward. However, if Britain cannot be included on desirable terms, the government will pursue its alternative programme, 'Pioneer'. Crucially, Pioneer is designed to protect British research and innovation in the event that inclusion in Horizon Europe is not possible.

Lastly, Smith said the recent launch of "an Expert Exchange programme" designed to bring industry expertise into government. The programme gives secondees "first-hand experience of working in a government department on placements of up to 9 months", allowing the government to benefit from the knowledge of industry experts.