Boston, USA; 5th June: British pharma exports to the US totaled more than £6 billion last year, 8% of all American pharma imports, whilst US medical exports to the UK totaled £1.6 billion – demonstrating the demand for UK life sciences expertise.
Latest statistics from the Department for Business, Energy and Industrial Strategy show that health and life sciences are worth over £70 billion to the economy and provide jobs for almost 241,000 people across the country. The recent launch of the government’s Industrial Strategy Life Sciences Sector Deal, demonstrates how the government will support the sector to develop and launch the next generation of medicines, technologies and diagnostics and provide better care and treatments for millions of patients.
Baroness Fairhead, Minister of State for Trade and Export Promotion at the Department for International Trade, is today leading a strong delegation of UK life sciences businesses at the world-renowned Bio Conference.
The UK pavilion at the conference will play host to 21 British organisations and will celebrate the 70th anniversary of the NHS.
16,000 people are expected to attend the event over the course of the 3 days, presenting huge opportunities for the innovative UK life sciences firms and thought leaders who are attending.
The US is the world’s largest market for life sciences. Abingdon based PsiOxus is a great example of a UK company who are benefiting from the opportunities across the Atlantic. They have recently secured a deal with US counterpart Bristol Myers-Squibb that could be worth nearly $1 billion over the lifetime of the partnership.
The likes of Alderley Park from Manchester, the Northern Health Science Alliance and Ulster University will join PsiOxus and Baroness Fairhead at the conference. Delegates will have the chance to attend networking forums, panel sessions and the UK Innovation Reception which will focus on showcasing the UK as ‘the home of health innovation’.
Baroness Fairhead, Minister of State for the Department for International Trade, said:
As a global leader in scientific innovation, with more than 5,500 life sciences companies, the UK’s offer to the world in this sector is clear. I am delighted to be joined on this trade mission by terrific businesses from all across the UK.
The Department for International Trade will continue to use trade missions such as this to promote healthcare and life sciences innovators across the world, driving investment and forging trade ties that have the potential to further scientific boundaries and improve the lives of millions.
