What Does £3 Billion Investment Mean For UK Life Sciences?

The UK is home to many innovative industries, among them is the life sciences sector. The sector is ever-expanding and encompasses a diverse range of services, products and research to support medical advancement. 

The UK government’s Life Sciences Sector Plan policy paper, released last year, supports growth and investment in the sector, intending to speed up health innovation and manufacturing. 

In the past 12 months, the life sciences sector has brought in more than £3 billion in new investment from public and private sources. Government officials have hailed it as a vote of confidence in the UK’s health-related science and innovation.

But what does it actually mean for the industry and the wider community?

How will the new investment impact the life science sector?

The new investment, brought in on the back of the Sector Plan, will provide a necessary boost to several areas. 

Perhaps most importantly, it will reduce waiting times for new drugs and treatments, allowing patients access to clinical trials and experimental approaches. 

One example is access to immunotherapy targeted at type 1 diabetes, which was recently approved for use in the NHS – a world-first for combatting this life-limiting yet common condition.

Another is the waiting time for initiating clinical trials in the UK, which has reduced from 169 to 122 days. With additional funding, patients are also likely to get access to new medicines up to 6 months sooner because of a faster approval process. 

What effect will investment have on the pharmaceutical industries?

Investment in private companies has also increased in the life sciences sector, with innovative pharmaceutical companies coming out as winners. 

AstraZeneca has announced a £300 million commitment to improve and expand Cambridge-based operations and to use AI to research and uncover new drug treatments. 

As Britain’s biggest pharma company, the investment will make a huge difference to the local community of Cambridge, where it currently employs over 4,000 people. 

A happy side effect of the investment is continued and new science-led partnerships with hospitals in the area. This means patients will have better access to clinical trials for cancer, cardiovascular, renal and respiratory conditions. 

Another pharma giant, Moderna, is investing heavily in R&D and last year opened its Harwell Innovation and Technology Centre. The centre will be where new mRNA vaccines are developed and is part of a £1 billion investment over ten years. 

The biotech company will not only produce vaccines but also provide many skilled jobs. The work on seasonal infections will make the country more resilient, too. 

These investments, along with many others, will add to the impact life sciences have on the UK’s economic growth. The sector employs approximately 360,000 people and has an annual turnover of £147 billion. 

How can specialist marketing support economic growth for the life sciences sector?

The UK’s market for medical products accounts for a large proportion of GDP, but it is also a big exporter. The sector is a global competitor, with £38.7 billion in pharmaceutical exports and approximately £10 billion in medical technology exported each year. 

The investment in R&D through the government’s Life Sciences Sector Plan will result in the development of new treatments, equipment, services and drugs. 

All of these new products will need to be marketed to specific audiences, including clinicians, senior hospital administrators, researchers and lab directors. After all, if no one has access to new treatments and medicines, the investment in development is wasted. 

To do that successfully, there are several key elements involved:

Subject-matter experts

In order to sell a product, you need to be able to understand it. 

Scientifically trained staff and former researchers can comprehend the details and applications of the product far better than a generalist marketing team, particularly when it comes to health tech and pharma. 

Nurturing relationships

Given the lengthy process of clinical trials and regulatory approval, the sales process in life sciences industries is not often a one-conversation transaction. Marketers have to be prepared to invest time and effort in developing trust with a potential buyer.

Building strong relationships is the key to turning a lead into a new account for a client. The foundation established means future sales, repeat business, and smoother, faster processes. 

International outlook

Marketing teams do not only have to be proficient in understanding the technical jargon of a new product, but additional languages can also help lubricate the sales funnel. Being able to talk to potential buyers in their own language helps to sell the story of the product.

Compliance

Biotechnology, pharmaceuticals and medical devices are all subject to strict regulations regarding how they are marketed. For example, a new device cannot be sold as a ‘miracle cure’ unless there is evidence to back that up. 

Telemarketers promoting new technologies and drugs need to make sure they use professional language, cite evidence and research and remain compliant when speaking to potential buyers. 

By combining these essential elements, specialist life sciences telemarketers can help the sector reach broad international audiences with newly developed medical technology and treatments.