12 Feb 2020
Only one shadow over bright post-Brexit future for UK life sciences
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The UK could be a world leader in life sciences research and development, but our survey reveals potential talent constraints on growth.
Senior executives in UK life sciences see a positive future outside the European Union for the UK if it exercises new freedoms to develop world-leading research and development capabilities.
Nearly 400 senior executives and managers working across the pharmaceuticals and life sciences were asked what they saw as being most pivotal after Brexit for the future growth of the sector.
Unleashing industry potential
Over three-quarters, (76%) of respondents were evenly split between the need to invest in world-class research capabilities and to use new regulatory freedoms to drive faster clinical research and development.
Alongside this opportunity, however, the executives also flagged the increasing difficulty for companies seeking to attract world-class leaders to the UK.
Almost half (48%) said chief executives would become the most difficult top people to attract, whilst senior leaders across medical/scientific positions (43%) and regulatory roles (40%) followed close behind.
These findings suggest that the UK could continue to be an attractive global centre post-Brexit. However, companies will only invest and locate senior people here if the government is able to persuade them that the potential opportunities outside the UK are likely to be realised with the necessary steps and support.
Despite much interest in the implications for the UK health sector of a US trade deal, relatively few business executives (15%) see this as a pressing challenge.
Instead, they cited the affordability of new technological and scientific advances and managing access to these under a universal system as the biggest issues (respectively at 44% and 41%).
Sir Andrew Dillon told guests at the Odgers Berndtson event that “Early engagement, with NICE, the MHRA and NHS England is essential, to enable the benefits and risks of new treatments to be fully explored and for their adoption into the NHS to be managed successfully.”
NHS funding gap
Business executives doubt the NHS will receive the funding it needs, however, to afford ground-breaking new therapies and treatments. Barely 15% of those polled had any confidence about this, with well over half (57%) expressing clear doubts. The vast majority (85%) believe these are the biggest challenges ahead for NICE.
Sir Andrew, who has been at the helm of NICE since its creation in 1999 and is due to stand down as its chief executive later this year, said: “Product value propositions that reflect incremental diagnostic or therapeutic benefit, combined with flexible approaches to sharing risk and managing costs, will help both companies and the NHS meet the challenges of advanced medical therapeutics.”
The future for UK Life Sciences is not without its challenges. But with the right talent and leadership, it promises to be a bright one.
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