The government has revealed its strategy to make the UK a global leader in life sciences through the launch of its new Life Sciences Sector Plan.

The strategy is backed by up to £2bn of government funding

The government said the plan would ensure the sector, currently worth around £100bn, reaches its forecasted 165% growth in value to £41bn by 2035, by establishing the UK as Europe’s life sciences leader in the next five years and the third most important global life sciences economy by 2035.

The 10-year strategy aims to make the UK life science sector more competitive globally, attract more global capital and boost the economy, as well as introducing measures to improve the NHS, healthcare and research.

Better enabling the growth of UK companies will also be a focus, through measures too help UK life science firms scale up and stay within the UK, and a focus on unlocking pension funds to raise investment.

The plan will be supported over the 10-year lifetime of the Spending Review by government funding of up to £2bn, alongside contributions from government funding bodies UK Research and Innovation and the National Institute for Health and Care Research.

Up to £520m will be invested into life sciences manufacturing projects, with £600m going towards establishing a new health data system.

Life sciences was one of eight priority sectors in the government’s Industrial Strategy because of its high growth potential and positive impact on economic productivity.

The sector plan was shaped by input from over 250 organisations and has three core pillars: making the UK a leading place to start, scale and invest; enabling world-class R&D; and driving health and NHS reform.

Science and technology secretary Peter Kyle said: “The life sciences sector is one of the crown jewels of the UK economy. It sits at the heart of both our Plan for Change, and our Modern Industrial strategy, as a unique catalyst for both economic prosperity and better health outcomes for people across the UK.

“The suite of measures we’re announcing today will unlock its full potential, attracting global investment, accelerating innovation and delivering breakthroughs that will make the UK healthier, wealthier, and even more open for business.”

Dr Daniel Mahony, chair of the UK BioIndustry Association, added: “The life science sector plan is right to focus on getting substantially more public and private investment in early-stage companies, improved access to data, trials and skills to help companies grow, and more streamlined regulation and market access pathways to get innovative medicines to NHS patients.

He added: “We particularly welcome the focus on unlocking pension funds to increase investment in scaling life science companies.”

Dr Tony Wood, chief scientific officer at GSK, said: “We welcome the government’s Life Sciences Sector Plan, particularly the reforms to incentivise more UK clinical trials, establish a new Health Data Research Service and create a network of translational labs and clinics to accelerate drug discovery and development.

“These changes can bring unique competitive advantage to the country and make the UK a leader in future life sciences research.”