Pippa Heylings

Absolutely. Investment in the life science sector in the rural economy is critical, and that is why we are concerned that this motion comes at a time when our life science sector is in crisis—and, frankly, I am not hearing yet from the Minister that the Government are grasping the scale of the crisis. I have heard consistent concerns from the life science sector about this, with Novartis saying that the UK is becoming “largely uninvestable”. We have seen signs of this, and heard of it today, with the loss of planned investment by Merck MSD in life science and vaccination manufacturing facilities to the tune of £1 billion and also £450 million-worth of investment by AstraZeneca. That comes on top of AstraZeneca pausing the planned £200 million expansion of its research centre in my constituency. This is obviously ringing alarm bells across the Chamber. Additionally, in a report by the Association of the British Pharmaceutical Industry, “Delivering a voluntary scheme for health and growth”, life science leaders are warning that the Government growth plan will not succeed unless Ministers commit to fixing a scheme known as VPAG—the voluntary scheme for branded medicines pricing, access and growth—which unexpectedly now requires companies to pay record clawback rates of up to a quarter or even a third of their revenue from sales of branded medicines to the NHS. The Liberal Democrats would commit to raising R&D spending to 3.5% of GDP by 2034, a decade-long commitment that gives businesses the certainty they are asking for. We would introduce proof of concept funding to help researchers develop their early-stage ideas and empower local authorities to develop regional spin-out ecosystems so innovation can drive growth and high paying jobs right across the country, as well as where I am in my constituency in the golden triangle. I therefore ask the Minister to set out, in addition to this much-awaited manufacturing fund, the status of the last-minute negotiations with companies and their investments, such as AstraZeneca and Merck MSD, and also what the Government are doing particularly on VPAG to restore confidence to pharmaceutical companies that the UK is a competitive place, attractive to investment, that values research, development and manufacturing.