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Independent reports highlight economic benefits of bioscience


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Independent reports highlight economic benefits of bioscience

 

Date: 24/07/2015


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

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Source: BBSRC

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