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Independent reports highlight economic benefits of bioscience

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Two independent reports from Capital Economics have highlighted how bioscience is benefitting the UK economy.

The first report, The British bioeconomy: An assessment of the impact of the bioeconomy on the United Kingdom economy (PDF 2.26MB), suggests that the growth of the UK bioeconomy is going to be critical in creating an economy that is environmentally sustainable. There is also evidence that the UK is one of the leading nations in many spheres of the bioeconomy, from biopharmaceuticals to agriculture to energy. The report links sectors that comprise the bioeconomy – such as forestry, agriculture, industrial biotechnology, water supply and food manufacturing – with the provision of 600,000 jobs and a £36.1Bn contribution to the UK economy in gross value added (2% of the national total).

A second report, Biotech Britain: An assessment of the impact of industrial biotechnology and bioenergy on the United Kingdom economy (PDF 576KB), hones in on the benefits of industrial biotechnology. It identifies approximately 225 companies that are active in the area in the UK generating £2.9Bn of sales revenue annually.

Both reports are based on information available in the public domain, such as the Office for National Statistics, and survey data.

Highlight figures include:

The British bioeconomy: An assessment of the impact of the bioeconomy on the United Kingdom economy

  • The bioeconomy in the UK provides £36.1Bn gross value added (2% of the national total), 600,000 jobs and is a vital part of the British economy
  • Combined with spending by employees from bioeconomy sectors in the UK it adds a further £116.5Bn in gross value added (8% of the national total) and 3.4M jobs
  • Unlike some regionally concentrated industries, the bioeconomy generates significant value across the whole UK
  • Research and development means that the UK is one of the leading nations in many spheres of the bioeconomy from biopharmaceuticals to agriculture to energy
  • The UK bioeconomy and related sectors is one of the key growth areas for the economy because many of its industries are at the cutting edge of current scientific innovation
  • The UK bioeconomy is going to be critical in creating an economy that is environmentally sustainable and run on low carbon emissions

Biotech Britain: An assessment of the impact of industrial biotechnology and bioenergy on the United Kingdom economy

  • In 2013/14, British industrial biotechnology and bioenergy activities involved around 225 companies and generated £2.9Bn of sales revenue annually
  • Around 8,800 people are employed in activities involving industrial biotechnology and bioenergy activities
  • It is a relatively high-wage and high-skill community with significant productivity from employees
  • The industry makes a significant contribution to the UK’s net exports, equivalent to £1.5Bn and offsetting over 4.5% of the country’s total trade deficit
  • There is an anticipated growth rate of 10% each year over the next decade, a rate higher than many other sectors
  • There could be a significant impact on sustainability, reducing GHG emissions and climate change alongside employment and wealth creation

More information on the bioeconomy can be found at: www.bbsrc.ac.uk/bioeconomy

ENDS


Tags: bioeconomy funding industrial biotechnology news