House of Commons Business, Energy and Industrial Strategy (BEIS) Committee report on the Government’s industrial strategy
The House of Commons Business, Energy and Industrial Strategy Committee has published its first review of the industrial strategy. In the report, they highlight the economic success of the UK, including the fact that the UK pharmaceutical industry is the third largest in the world in terms of R&D intensity, and two UK companies in this sector are in the top ten globally for market share. The report also referenced the Prime Minister stating that: “A proper industrial strategy wouldn’t automatically stop the sale of British firms to foreign ones, but it should be capable of stepping in to defend a sector that is as important as pharmaceuticals is to Britain.”
The recommendations of the report included that the Government should set a target to increase R&D investment to 3% of GDP, take steps to ensure it has the power to retain Intellectual Property benefits in the UK, and needs to provide clarity on the respective roles and responsibilities between national, local and regional institutions.