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Budget 2021 | PwC comments on investment in health and life sciences

27/10/21

Investment in digitising the NHS

David Morris, health services leader at PwC, said:

“The £2.1bn investment in technology and data is particularly welcome and a clear sign that the benefits of digital transformation are being recognised. Technology has the power to drive a revolution in health and care outcomes. The pandemic has accelerated the pace of technological change but much more can be done to deliver truly innovative transformation. 

“There is no appetite to go back to the way things were before the pandemic. Patients are embracing new technology and increasingly expect care to be supported by it but they, along with staff, need to be further empowered and supported to change the way that they engage with and access care. This investment must be supported by a large-scale digital skills-building programme that provides all of those involved in the patient journey with the skills required to get real value from new technology.”

Investment in life sciences

Stephen Aherne, pharmaceutical and life sciences leader at PwC, said:

“The £5bn investment in health-related research and development over the next three years, rising to £2bn by 2024, provides a welcome boost to the hunt for medicines preventing and treating diseases of high unmet need, which cause a huge burden on patients’ lives and the UK health system.

“The Government continues to build on its 10-year vision for the life sciences sector, with a targeted focus on investment in life sciences as part of the £1.4bn business investment funding, which will provide grants to support international investment. Of this funding, £354m will be allocated to boosting investment in life sciences manufacturing, which includes future pandemic resilience.

“Within the UK, we have an excellent science base, which is delivering a strong pipeline of life sciences innovation. Nevertheless, to fully exploit the science base and create a sustainable mature life sciences sector, the level of investment required is substantial and the need to retain and recruit talent is equally important. The Government’s steps to increase the level of target investment into life sciences, both from within and outside the UK, are welcome. The attraction of both scientific and investment talent from the UK and overseas - through the overseas ‘talent networks’ - will help to support the Life Sciences growth vision.”

Ends

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Richard Pain

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