BIA submission to the Labour Economy, Business and Trade Commission
The BIA has submitted views to the Labour Party's Economy, Business and Trade Commission to inform its policy development.
In our submission, we said:
- The UK has a thriving life sciences sector, which provides jobs and contributes to the economy, and delivers health and social benefits, such as new medicines for patients and technologies to support clean growth
- Labour’s 2017 manifesto set out a vision of “an innovation nation” with 3% of GDP spent on research by 2030 and for the UK to have the highest proportion of high skilled jobs in the developed world. These are very welcome ambitions, shared by our industry, and we are keen to be a partner with the next Labour government to achieve them
- Labour’s focus on investing in skills is welcome. Individuals will need knowledge and skills in the traditional sciences, social science and data sciences, as R&D and new treatments and technologies span these disciplines. Industry is already working to increase entrepreneurial and manufacturing skills, and Labour can support this activity
- The BIA has developed five principles for public funding streams to support a strong partnership between state and industry and leverage private investment most efficiently to achieve Labour’s target to raise overall R&D investment.
- Government has an important role in creating the right conditions for business investment. For life sciences SMEs, R&D tax credits and the Patent Box are proven catalysts for investment and job creation
- Frictionless and tariff-free trade is essential to ensure that patients in the NHS and around the world can have access to medicines