Why it matters
Health is the biggest driver of a person’s life satisfaction: explaining 48% of life-satisfaction differences between individuals of the same age. And poor health is expensive: 63% of years lost to poor health are in the working age population. This costs the UK around £300bn in lost output annually, excluding health costs. The UK can drive economic success through the fast-growing life sciences and health sectors, with the global market in pharmaceuticals and medtech worth £1.2tn in 2020 alone.
THE SIZE OF THE PRIZE
What can business and society gain from a healthier nation?
Improved societal health and economic prosperity
We must strengthen focus on business-led health interventions as an essential tool to boost health and prosperity.
Innovative and cost-effective health products
By increasing R&D investment in innovation and clinical trials, hitting 2.4% of GDP target by 2027, we can bring the most innovative and cost-effective health products to UK markets.
Build on existing UK strengths
Target gaining market share in emerging areas such as genomics – where a UK competitive strength already exists.
How do we do this?
Make employers’ focus on health and wellbeing permanent
The focus on employee health and wellbeing during the COVID-19 pandemic was admirable – but now it needs locking in.
Raise health standards to above European averages
On measures like mental wellbeing, alcohol consumption, and obesity.
Nurture the UK’s life sciences sector
In order to realise opportunities in a fast-growing, competitive global market.
What the government needs to do
Build on lessons learnt during the pandemic
Maintain high levels of public-private collaboration and agile regulation, and implement the procurement strategies to make the NHS a leader in innovative healthcare.
Leverage use of NHS data where appropriate
To reinforce UK’s position as a global hub for clinical trials, life science innovation and data driven healthcare.
Incentivise businesses to focus on employee wellbeing
By increasing focus on workplace health interventions that ensure strides made during the pandemic are not lost.