GK Strategy | Government launches consultation on Industrial Strategy and Life Sciences sector plan

This week the government has launched the UK’s first formal industrial strategy in over seven years and has pledged greater stability and certainty for businesses in a post-Brexit, post-pandemic world. The strategy centres around three core objectives each designed to modernise the economy, capitalise on emerging industries and build a sustainable and secure future - reaching net zero; strengthening regional growth; and ensuring economic security and resilience.

The industrial strategy is focused on eight sectors, of which life sciences is a key one – indicative of the significance of the sector for driving economic growth. With an estimated 7,000 businesses generating over £100bn in turnover annually, the Labour government sees a huge opportunity to renew UK leadership in the sector. A life sciences sector plan will be published in Spring 2025 following the government’s consultation process.

Details of the new industrial strategy have now been laid out in a consultation document and the government wants to hear views and recommendations from businesses to support its strategic development. Ministers and policy makers want to understand the opportunities and challenges businesses face and to collaborate to find the best approach to make sure routes to market are clear and that the regulatory backdrop incentivises the uptake of innovative technologies. 

GK Strategy is a political advisory firm that helps business leaders, investors and organisations to engage with policymakers and advise on the political, policy and regulatory opportunities and risk businesses face. We strongly encourage those in the life sciences sector to contribute to the industrial strategy consultation process and engage with ministers to shape the future strategic framework in which they will be operating. Do reach out to Lizzie Wills or Thea Southwell Reeves at GK if this is of interest to you and we'd be more than happy to set up a call to discuss how we can support you.