Why this is important to Wisconsin businesses: The government has identified key industries of strategic value to the UK economy and, through sector deals, has created partnerships between government and industry to nurture them.
With a total population of 66 million and land mass roughly equivalent in size to Alabama, the UK punches well above its weight as the sixth-largest economy in the world.
In its industrial strategy, the government has identified key industries of strategic value to the UK economy and, through sector deals, has created partnerships between government and industry to nurture them. Sector deals include several major industry clusters, including life sciences and digital health, process/advanced manufacturing, automotive, aerospace and financial services. Considerable funding has been allocated, including investment of £735 million in new programs to capture innovation, a £2.5 billion investment fund for innovative and high-potential companies, and investment in education, infrastructure and transport. The first formal science and technology agreement with the U.S. was signed in 2017, with a UK contribution worth £65 million to collaborate on a variety of science projects.
Life science and digital health cluster
The UK is globally recognized as a leader in health technology research and innovation. There are 3,700 medical technology companies in the cluster, employing 115,000 people, with revenue of over £21 billion. The golden triangle of Cambridge, London and Oxford, plus the greater southeast region of England, is a point of convergence as a world capital in digital health care. The centralized operation of the National Health Service and of other organizations like the National Institute for Health and Care Excellence and the National Institute of Health Research (NIHR) means the path to developing a medical technology product is clear and simple for developers to follow. The NIHR invests £300 million a year into the infrastructure of clinical trials in the UK, creating an unparalleled opportunity for pharmaceutical companies. Market segments where the UK excels include medical artificial intelligence and surgical robotics. Future digital health developments will include health apps, health-related wearables, home monitoring, patient records and solutions for an aging population.
Process and advanced manufacturing cluster
The Northern Powerhouse is a strategy to increase economic growth in the north of England. Prominent in this program is the development of the high-value manufacturing, process and advanced manufacturing industry clusters. The region has the largest concentration of advanced manufacturing and chemicals production in the UK, and the process industry alone comprises more than 1,400 petrochemical, specialty chemical, polymer, biotechnology, renewables/clean technology and pharmaceutical companies. The region’s advanced manufacturing sector includes a range of engineering and automotive products, including cars, trains and heavy off-road vehicles, engines, parts and components, plus more than 200 aerospace companies.