Industry leaders met in Birmingham to discuss the opportunities to drive the region's future as a cutting-edge life sciences innovation hub.
The life sciences sector looks for innovative solutions to tackle healthcare problems, including new medical technology such as self-administered treatments, data-driven clinical trials and the development of new drugs that can be tailored to the individual.
In particular, the sector aims to accelerate the pace of innovation, bringing new products and technology to life more quickly than has been possible in the past.
Hosted by NatWest at Innovation Birmingham Campus, the event brought together organisations including the West Midlands Academic Health Science Network, law firm Blake Morgan, equity investor BGF, insurance brokerage Gallagher and Birmingham Tech, a not-for-profit initiative aiming to raise the profile of the West Midlands tech scene.
Discussions centred on how organisations could collaborate to drive sector growth in the region, including providing access to the right funding to enable life science start-ups and SMEs to grow, innovate and thrive.
According to government data, the life sciences sector generates around £80.7 billion turnover nationally, with 6,300 businesses across the UK.
It is thought the West Midlands already has ten per cent of the UK's biological science research power.
Barrie Davison, sector specialist lead at NatWest, said: "It's been fantastic and enlightening to hear about the healthcare innovation that is happening in the region, from research into genome treatment to vast data studies that will advance new treatments.
"What came out loud and clear was that there is an immense range of life sciences talent in the West Midlands and that with access to the right funding and support network, there is huge potential for growth."
