Whichever party wins the 2010 General Election, the life sciences sector has a golden opportunity to engage with a new generation of decision makers.Assuming you haven’t been living underground for the past two weeks, you’ve probably noticed that Britain is currently in the grip of one of the most hotly-contested election campaigns in a generation. But as “election fever” (if that’s not too strong a description for a political event) sweeps the nation, you might be forgiven for asking what all the political to-ing and fro-ing means for your company’s bottom line. Beyond the slogans, poster campaigns and polling statistics however, it’s clear that there is a huge amount at stake for life sciences companies at this election.
First and foremost, with an “age of austerity” in the public finances ahead, it’s more important than ever that the life sciences industry makes a strong case for public investment in medical innovation. None of the parties has made it clear exactly where “efficiency savings” are going to fall – so communicating the vital importance of mechanisms like R&D tax credits now, before the big decisions have been made, is a must.
Another reason to keep a close eye on the debate is that the potential of the Office for Life Sciences (OLS) – widely seen as having made a good start in its task of forging a long-term Government strategy for the life sciences – has yet to be fully realised. OLS initiatives like the UK Innovation Investment Fund and the Patent Box relief on IP need continued political buy-in to make sure they deliver effectively.
So where are the “dividing lines” (to borrow a favourite phrase of Gordon Brown’s) between the parties on these issues? Gordon Brown, David Cameron and Nick Clegg have all expressed their unequivocal commitment to science in the run up to the campaign – although that doesn’t necessarily mean there’s a cosy political consensus.
Labour is going into the election championing its record on science, with the creation of the OLS a key achievement. Senior figures in the Party, such as Business Secretary Lord Mandelson, believe that strategic government support for the life sciences can help Britain emerge from recession; with the Prime Minister pledging last month that he will consider appointing a “Minister for Life Sciences” should Labour be re-elected. With finances tight, however, the key question is whether Labour is able to realistically back up this rhetoric with funding.
The Conservatives have also placed science high up on their list of campaign priorities, commissioning inventor James Dyson to report on how Britain can excel in science and engineering. What’s not clear, however, is whether the work of the OLS would continue under the Conservatives, although its success so far is reportedly acknowledged within the senior ranks of the Party. Above all, the Conservatives argue that Labour’s handling of the economy jeopardises stability in science funding, and that reducing Britain’s deficit and cutting red tape will better serve technology-based businesses.
The Liberal Democrats, meanwhile, are probably closer to holding the balance of power in the political debate than they have even been. The party’s science spokesperson, Dr Evan Harris MP, has a significant life sciences presence in his Oxford West and Abingdon constituency and has spoken out about the need for improved access to finance for the sector. Should the election deliver a hung Parliament, the Liberal Democrats are, therefore, not without expertise in this area.
In many ways, though, the prospect of a change in government – although hugely important – isn’t the most seismic shift facing life sciences companies at this election. What may be more significant is that this year will see the largest turnover of MPs for a generation, with over 150 MPs expected to step down and many more to lose their seats in constituencies across the country.
It’s well worth life science companies investing time in making contact with their local MP after the results are announced. The sector offers high-tech employment, future health benefits to patients and a sustainable way out of recession for Britain’s economy, and MPs with little or no experience in the industry need to know about this. More importantly, attracting press coverage, navigating regulatory systems and gaining planning permission are all areas where having a local champion on your side in Parliament can pay real dividends for your business.
So who’s going to win? The Conservatives probably remain in pole position but there is still all to play for. In other words, we just don’t know yet. What is clear is that whichever party triumphs, life sciences companies have an exciting opportunity to engage with the political system as it evolves – starting in their own back yards.
http://www.plmr.co.uk/http://www.capitalmsl.com/capitalmsl/uploads/news/files/lifesciencesspring2010FINAL.pdf
