UK’s life sciences are to get a much-needed boost with Eli Lilly, the world’s biggest pharmaceutical company, announcing an investment of £279 million in the UK. The investment has been confirmed on the first day of the International Investment Summit on 14th October, with a view to meeting urgent health needs and strengthening the UK’s position in the life sciences race.
It includes a memorandum of understanding for signing the first ‘Lilly Gateway Labs’ innovation accelerator in Europe, where early-stage life sciences companies will develop transformational medicines with lab space, mentorship, and potential investment. It is anticipated to spur significant growth in the sector and generate hundreds of jobs.
We have two huge advantages: some of the world’s leading scientific minds and a National Health Service with enormous potential,” said Health and Social Care Secretary Wes Streeting. He added that this cooperation is crucial in bringing treatments that will be life-changing for NHS patients, thus forming the backbone of a healthier society and a robust economy.
Laying on top of the 300,000 jobs already supported by the UK’s life sciences sector, Lilly’s move testifies to international esteem for UK life sciences, according to Science and Technology Secretary Peter Kyle. “Investments like this advance our health and save lives while also stimulating economic growth,” he said.
David A. Ricks, Chair and CEO, Eli Lilly and Company, welcomed the partnership, focusing on obesity and related health risks. As far as obesity is concerned, it plays a key role in the increase of preventable diseases, with the UK’s health service paying over £11 billion every year. A collaboration for innovation in the approach to be used within the health system is expected to bring improvement in long-term results for those who become victims of obesity.
The NHS Chief Executive, Amanda Pritchard weighed in on the intervention of weight management as a key element in addressing issues with public health such as obesity. The development, she said, is crucial in bringing effective treatments to those who need them while advancing research, creating jobs, and boosting economic growth throughout the country.
Local leaders, including Greater Manchester Mayor Andy Burnham and Scotland’s Cabinet Secretary for Health and Social Care Neil Gray referred to this partnership which will help health care sector to revolutionize and push the sector forward even further. The announcement finds the UK’s £108 billion life sciences industry crucial in terms of public health improvement and economic progression.
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