UK life sciences sector productivity double national average
Posted: 7 March 2017 | | No comments yet
The PwC report, commissioned by the Association of the British Pharmaceutical Industry (ABPI) and supported by the Association of the British Healthcare Industry (ABHI), the BioIndustry Association (BIA), and the British In Vitro Diagnostics Association (BIVDA), shows that the average productivity of UK life sciences employees, expressed as gross value added (GVA), is £104,000, compared to the UK average of £49,000.
The UK’s life sciences sector is more than twice as productive as the UK average, according to a report.
The PwC report, commissioned by the Association of the British Pharmaceutical Industry (ABPI) and supported by the Association of the British Healthcare Industry (ABHI), the BioIndustry Association (BIA), and the British In Vitro Diagnostics Association (BIVDA), shows that the average productivity of UK life sciences employees, expressed as gross value added (GVA), is £104,000, compared to the UK average of £49,000.
Other key findings include:
- UK life sciences contributed £30.7bn to the economy in 2015
- Each life sciences job supports 2.5 jobs elsewhere in the UK economy, meaning the sector supports a total of 482,000 jobs
- Jobs are distributed throughout the UK, with every region containing a UK head office of a life sciences firm.
Dr Virginia Acha, ABPI Executive Director – Research, Medical and Innovation, said: “The UK’s productivity problem is well-known, and whether in advanced medicines manufacturing, med-tech or world-leading biopharma R&D, this report emphasises the true value UK Life Sciences has to offer. If we are serious about improving our productivity, increasing public and private investment in science and innovation across the UK will be a fundamental piece of the puzzle.”
