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UK life sciences losing £15bn a year to global rivals

by March 24, 2025
March 24, 2025
UK life sciences losing £15bn a year to global rivals

The UK’s life sciences sector is falling behind international competitors, missing out on an estimated £15 billion a year over the past decade due to declining foreign investment, falling export share and a drop in clinical trials.

This is according to a new report by LEK Consulting for the Society of Chemical Industry (SCI).

Despite being named one of the eight priority sectors in the government’s forthcoming industrial strategy, the life sciences sector is struggling to convert its world-class research base into commercial and economic success.

The report, Unlocking Value in Life Sciences, reveals that the UK’s global pharmaceutical export share has almost halved over the last decade — from 7.3 per cent in 2013 to just 3.8 per cent in 2023. Meanwhile, the number of clinical trials initiated in the UK has been falling by around 8 per cent annually since 2017–18, signalling a significant loss in global competitiveness.

Sharon Todd, chief executive of SCI, said the figures should serve as a wake-up call: “The government must heed this wake-up call and act to save the UK’s life science sector before it is too late. We have all the ingredients — world-class research, universities, and a strong industrial base — but we’re losing out to countries that are doing more to keep investment and talent within their borders.”

The warning comes at a time when ministers face mounting pressure from senior executives of multinational pharmaceutical firms to reform the NHS’s branded sales rebate scheme, which they argue is overly burdensome. The recent decision by AstraZeneca to cancel a £450 million expansion of its vaccine manufacturing site in Liverpool has further fuelled concern, after the company revealed that the government failed to meet a deadline to confirm financial support.

The UK is home to four of the world’s top ten universities, produces 7 per cent of all global academic publications, and supports over 300,000 jobs within the life sciences sector. However, the report warns that structural issues — including sluggish regulatory processes, a lack of commercial incentives, and insufficient support for scale-ups — are limiting growth.

SCI has called on the government to introduce a “holistic incentive system” to support early-stage businesses, scale-ups, and advanced clinical trials. It is also urging accelerated reform of the MHRA to streamline the approval process for novel treatments, and for greater strategic use of NHS data to power real-world research — giving UK firms a competitive edge in evidence generation.

A government spokesperson responded by reaffirming the UK’s ambitions for the sector: “We are committed to making the UK a life sciences powerhouse to kick-start economic growth. We have already allocated up to £520 million to boost manufacturing of treatments, devices and medtech in the UK. Our upcoming life sciences sector plan will take targeted, concerted and bold action to unlock the full potential of this sector to fast-track cutting-edge treatments and health innovation to patients.”

With international rivals increasingly focused on strengthening their own life science ecosystems, industry leaders are urging the UK to act decisively to retain its scientific edge and turn research excellence into commercial impact — or risk missing out on the next decade of global innovation and economic opportunity.

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UK life sciences losing £15bn a year to global rivals

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