The 60-mile corridor between London and Cambridge could generate as many as 14,000 new life science jobs by 2023, according to recent research.
Produced by the London Stansted Cambridge Consortium (LSCC), the report predicts that total life sciences employment — science jobs involved in the study of living organisms — could rise to 54,600 jobs within eight years. It also claims the corridor, which stretches from London, through Essex and Hertfordshire, to Cambridge, boasts the highest growth rate in Europe — largely through the massive inward investment into the area.
And the LSCC report supports the Government’s prediction that to 2018, the corridor will see a net increase of 7,700 life science employees, giving an average annual growth rate of 3.5 per cent. Among individual sub-sectors, biotech research would see a rise of nine per cent.
“The growth trajectory of the corridor is set to lead the UK’s dominance of the life sciences sector in Europe,” commented Dr Stephen King, LSCC’s deputy director. “More than 1,400 existing life science businesses are already located in the corridor alone, accounting for 20 per cent of the entire England sector.
“With its intellectual capital believed to be on par with the world’s largest and leading clusters, it’s little wonder this locale is set to generate a huge demand for new space in the coming decade, with a range of real estate investment opportunities,” he added.
Entitled, The London Stansted Cambridge Corridor: A prospectus for Life Sciences Growth, the study also says that existing life science clusters along the corridor generate more than £3bn each year.
Sir William Castell is chair of the Wellcome Trust, one of the biggest life science employers within the corridor. “There is a strong cluster in this region, which will expand rapidly over the coming years driven by both great science and great medical need,” he said.
“To support this growth of people and skills we need to develop accessible, affordable and well-connected sites. All of this is possible with the right investment, and this report shows how the future potential for the London-Stansted-Cambridge corridor can be realised.”
It is a view shared by Dr John Keddie, who chairs Harlow Enterprise Zone and is LSCC deputy chairman. “There is a clear global reservoir of talent in this corridor, but we need to invest in the region to maximise its potential for the UK economy,” said the former GlaxoSmithKline executive.
“This means very practical steps such as supporting Stansted Airport to secure long-haul transatlantic services and upgrading the West Anglia railway line.”
The report was written by Bilfinger GVA director, Chris Hall, who concluded: “This region is globally significant for within the life sciences environment and has huge potential for growth.”
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