Meeting the growth of the UK Life Sciences industry
After the inaugural meeting of the new UK life sciences council, government research has highlighted an increase in turnover within the UK life sciences industry. With SMEs making up over 80% of business and almost a quarter of the industry’s employment, we looked into the key driving factors behind the £70 billion sector.
The development of growth within the UK Life Sciences industry
As a world leader in the Life Sciences sector, the UK are striving to lead the world’s next generation of medicine, technology and diagnostics to provide better healthcare for millions of patients.
New research has shown that the industry’s turnover exceeded £70 billion in 2017, creating over 241,000 jobs across the UK. With an increase in job opportunities allowing the industry to thrive, it’s clear this is a great time to work in life sciences.
Contributing factors to growth
One of the biggest factors of this surge of turnover comes from the industry’s highest level of foreign investment in seven years. In 2016, £1.96 billion was raised through Life Science IPOs and follow-on offerings. Other factors include investments of £660 million across 67 UK projects in 2016.
Alongside these investments, the UK government have also proposed the life sciences sector deal, which will likely lead to further job opportunities within the industry. In its initial stage, there’s been a proposal of five digital innovation hubs and centres of excellence within the NHS for medical imagery and digital pathology. In addition to this, an investment of £65 million into three advanced therapy treatment centres in the UK has also been proposed. With these new investments, we can expect an increase of jobs to match the growth of these facilities.
The impact of growth within the recruitment process
Real Staffing’s Associate Business Manager, Hemish Ilangaratne, explains, ‘Quality Assurance (QA) and Regulatory Affairs have historically been our busiest markets. This is particularly due to QA demand, a shortage of Qualified Persons in the UK and the need to release products to market in accordance with GMP standards. With medicines being approved faster and a growing number of patents expiring, the demand from generic manufactures has also fuelled the need for QA and Regulatory professionals’.
With the industry growing at a rapid pace, our team are matching skilled professionals with new roles in the industry. With new developments in artificial intelligence, new regulations in medical devices and further growth expected for the industry, it’s a great time to be working in life sciences.
If you want to learn more about the opportunities available, use our job search to see the jobs we have on offer today.