Better commercialising our UK research is completely key to our global science superpower and domestic innovation nation missions, and a key component of our science and technology framework and this Department’s work. I am delighted to report that spin-outs from universities have gone up sixfold in the past nine years, to £2.5 billion last year, and in the life sciences sector that has gone up 1000% since we took office. We are creating jobs and opportunities for innovation clusters all around the UK, including in west London.
We have just heard about uncertainty about Horizon. In addition, there are no more European structural funds and under-investment in R&D. We are hurtling down the global rankings for clinical research trials. The Minister just mentioned life sciences, but last week Novartis, the Swiss pharma giant, pulled out of a major trial for cardiovascular drugs in this country for those very reasons. When will the Government admit that, rather than an example of confidence in the world-beating, post-Brexit life sciences sector that the ex-Health Secretary who went to the jungle claimed at the time it would be, that decision shows what an unmitigated disaster Brexit has been? When will they fix this mess?
Here we go—Labour talking Britain down again. The truth is that I am not at all complacent about the clinical trials numbers. At the Life Sciences Council, in the next few weeks, we will be setting out a very clear plan to reverse the decline since the pandemic in the NHS.
The hon. Lady might have mentioned the major investment coming into west London—her part of the world—including the MedTech SuperConnector, the spin-outs there and SynbiCITE, the synthetic biology hub. She might at least acknowledge the major investment —billions of pounds—from Moderna and BioNTech into this country, laying the foundation for a next phase of science innovation. With the life sciences sector, we are in a global race, but we are still leading in the technologies of tomorrow.
Can my hon. Friend comment on the Department’s 10-point science and technology framework, which will help provide the long-term funding needed to turn the start-ups he has mentioned into sustainable, successful, globally leading businesses?
I thank my hon. Friend, who has been a strong champion of that agenda. In the new Department’s science and technology framework we have set out a long-term, 10-year view of the serious reforms that we need to make to procurement, regulation and skills across the whole of Government if we are to drive our science superpower agenda. A fundamental part of that is converting the health of our start-up ecosystem into scale-ups. That is why the Treasury is leading on the re-regulation of pension funds—so that we can unlock some of our pension trillions and put it into supporting our companies to grow here rather than go to NASDAQ.