George Freeman MP announces Northern Powerhouse life sciences businesses contribute over £10.8 billion to the UK economy each year.
George Freeman MP, Minister for Life Sciences revealed that life science businesses in the Northern Powerhouse are contributing over £10.8 billion to the UK economy each year – helping to support over 38,000 highly skilled jobs.
Data published also showed there are 1,000 life and health science companies in the Northern Powerhouse. 97% of these companies are Small and Medium Enterprises (SMEs) providing a strong supply chain for new investors to the region. It was also revealed that these companies manufacture and export over £8.1 billion of medicinal and pharmaceutical products per year.
The statistics originate from the 2015 Strength and Opportunity Report. The data forms part of a new Northern Powerhouse life sciences brochure created to drive inward investment into the thriving life sciences sector in the North.
The work was commissioned by UK Trade and Investment (UKTI) and was created in collaboration with the Northern Health Science Alliance (NHSA).
Announcing the data at the BioTrinity Conference in London, Life Sciences Minister George Freeman MP said:
“This data shows that the UK’s £56 billion life sciences industry is a powerhouse in the Northern economy.
Through our life sciences strategy we are creating jobs, opportunities and security across the North. With its world-leading universities, innovative life sciences companies and millions of NHS patients across the region, the North has unique capabilities with excellent growth potential for international investors.”