Cambridge Life Sciences Cluster Set to Deliver Additional £1billion to the UK Economy by 2032

Cambridge Life Sciences Cluster Set to Deliver Additional £1billion to the UK Economy by 2032

Science and Technology

March 2018

The Cambridge life sciences cluster has the potential to contribute an additional £1bn to the UK economy by 2032, according to independent research commissioned by AstraZeneca.

The UK life sciences sector contributes over £30bn to the UK economy each year with almost a third (£8.44bn) of this attributable to businesses and organisations that are co-located closely in ‘clusters’.

The Cambridge cluster is a vital hub for collaboration within the UK life sciences industry, with over 430 life science companies and organisations already supporting a specialised workforce of more than 15,500 and contributing around £2.9 billion annually to the UK economy.

Should the Cambridge life sciences cluster continue to grow at its current rate it has the potential to contribute a further £1 billion per annum to the UK economy in 2032 and could provide 6,000 additional jobs within the same timeframe.

Securing this success requires a strong pipeline of talent, access to research funding and early-stage growth funding. Should current levels of talent and funding for the Cambridge cluster not be sustained, the economy could lose more than £7.9 billion over the next 15 years (2017-2032).

Read the full article here

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