The UK has a fantastic life sciences industry. As a result of the sector deal announced in December, a further £210 million is being invested in research and £162 million in medical manufacturing.
I am looking forward to reading my hon. Friend’s report into this topic in May. We are a bit of a curate’s egg in this country. We have five of the world’s top 10 medical research universities and more than double the number of Nobel prizes of France, so we do incredibly well on the research side, but some of our hospitals are still running on paper, which is totally inappropriate. That is why we are determined to implement the Wachter review.
Let me reassure the hon. Gentleman—as a doctor, he is very conscious of such issues—that the absolute need to ensure that we have an uninterrupted supply of the most critical drugs is forefront in our minds. We are confident that we will be able to achieve that, but we also want great collaboration with European universities, which is why we have said that we would be happy to be an associate member of the European Medicines Agency.
The Secretary of State will be aware that one of the factors stifling innovation is the difficulty of rapid-growth companies in crossing the so-called valley of death. Since the establishment in the coalition Government years of the business growth fund, the biosciences fund and the British Business Bank, how far is the sector from crossing the valley of death?
I hope that we are crossing the valley into eternal life because we have a fantastic life sciences industry that is worth £61 billion and employs 250,000 people. The right hon. Gentleman is right—he was involved in this when he was Business Secretary—that part of that is about having close links with the key people who make decisions about where to invest their resources.
With companies such as UltraLinq raving about Belfast’s ability to provide technology support and skills from local universities, will the Secretary of State confirm what steps he is taking to invest departmental moneys in universities to set up life sciences skill centres in co-operation with the Department for Education?
I reassure the hon. Gentleman that we are conscious of the importance of a good outcome to the Brexit talks for universities, including Queen’s University Belfast, for precisely the reason raised by Dr Williams earlier. There are excellent research links with universities all over the world, but it is particularly important that we carry on working with European universities.