Life Sciences: Private Investment

3. What steps her Department is taking to help the life sciences industry attract private investment.

The UK’s life sciences sector is key to creating highly skilled jobs across the UK and cementing the UK’s role as a science superpower, as my hon. Friend the Minister for Science, Research and Innovation, a doughty champion of life sciences, has just set out. We have a life sciences vision, which sets out our ambition to develop a globally competitive investment ecosystem in the UK, and we will bring forward further measures to support the sector in the coming weeks. A great example is the life sciences investment programme, a £200 million initiative that is expected to attract at least double that in private investment.

Post pandemic, there has been a significant advance in attracting new pharma to the United Kingdom. Will the Secretary of State join me in welcoming the hugely significant partnership with Moderna as a sign of confidence in the United Kingdom? It will bring much-needed jobs and investment to the whole of the UK, and hopefully to Birmingham in particular.

Yes, I do of course join my hon. Friend in welcoming that investment. As he sets out, our goal is to ensure that the UK is the most attractive environment possible for life sciences investment, and we are doing a range of things to help achieve that. We can see exciting innovations coming into the UK as a result, including one I am very excited about that is due this year: greater personalisation in cancer drugs.

It is a delight to see the right hon. Lady in her new position. As a previous member of the Select Committee on Science and Technology, at least she will know something about science.

I would like to believe the story that is being told about this country being a life sciences superpower, but I am sure the right hon. Lady will have noted the comments in January of Kate Bingham, the chair of the vaccine taskforce. She said that the lessons from that taskforce had not been learned, and that this country was falling behind. She gave evidence of AstraZeneca and GlaxoSmithKline investing outside this country because civil servants had not learned those lessons and had created a hostile environment for such companies.

I can understand that point, and I take this opportunity to pay tribute to Kate Bingham for her past work on the vaccine taskforce. We have created the new Department for Science, Innovation and Technology so that we can drive forward science, and life sciences as part of that, as a force for good. More on this agenda will be set out in the coming weeks, because we have the opportunity to continue to ensure the UK’s leadership on it. That is my priority and that of all of my team.