The UK’s life sciences sector has been going from strength to strength and it’s one of the areas that is covered by the government’s industrial strategy.
A new report has identified the main areas of growth for the industry, with personalised medicines one of the top areas of focus. The others are wearable technology, diagnostics devices and bionics.
The research, produced by Santander and Make UK, revealed that the life sciences sector in the country grew by £6.8 billion in 2017. What’s more, nearly 300 new businesses entered the industry in that time period.
Economist at Make UK Francesco Arcangeli commented: “The UK life sciences sector is in a fantastic position to be able to take advantage of both current and future health trends and we expect to see the sector continue its growth over the next decade.”
Among the specific areas to watch are orthopaedics 3D printing, personalised prescribed medicine and smartwatches and activity trackers.
The report also found that the country’s life sciences industry is in a good position to take advantage of wider trends, such as the Fourth Industrial Revolution and the ageing population in the UK and many other developed nations.
However, one area that needs greater investment is cyber security. This is particularly relevant when it comes to smart devices that gather patient data. Companies involved in this area should make sure they invest in their cyber security, as well as ensure that any products they develop are also well protected.
With the life sciences industry set to grow, there could be more companies looking for assistance with their life science sales pipeline. Contact us today if your business is in this position.
