Over 14,000 new jobs could be generated in the life sciences sector along the London-Stansted-Cambridge Corridor alone before 2023, according to new research by London Stansted Cambridge Consortium (LSCC).
The research, supported by Hertfordshire LEP, predicts total life sciences employment could rise to 54,600 jobs by 2023 in the corridor between London, Essex, Hertfordshire and Cambridge taking into account the significant projected inward investment into the area, believed to be the highest growth rate in Europe.
The report supports the UK 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%, the greatest being in the biotech sub-sector, at 9%.
Sir William Castell, Chair, Wellcome Trust, said:
“There is a strong life science cluster in this region, which will expand rapidly over the coming years driven by both great science and great medical need. 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.”
Chris Hall, Director at Bilfinger GVA, author of the report, comments:
“This region is globally significant for life sciences, with huge potential for growth. The concentration of life sciences such as the Francis Crick Institute at Kings Cross will super-charge interest from life science-facing occupiers in this corridor.”
Professor Simon Gaskell, Principal and President, Queen Mary University of London stated
“We are pleased to be hosting the launch of this report at our BioInnovation Centre in Whitechapel, one of the few life sciences incubators London has developed in the last decade. Our ambitions for new developments in Life Sciences on adjacent sites provide further exciting opportunities for the establishment of new partnerships, and the reinforcement of existing ones, involving universities, funders and the private sector.”
Dr John Keddie, Chair, Harlow Enterprise Zone and Deputy Chairman, LSCC, and formerly Vice-President, Global Operations, GlaxoSmithKline stated;
“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. This means very practical steps such as supporting Stansted to secure long-haul transatlantic services and upgrading the West Anglia line.”
Derek Jones, Chief Executive, Babraham Bioscience stated;
“We welcome the recent granting of outline planning consent at the Babraham Research Campus and the announcement of the Imperial College application to build a facility on our site to support spin-outs companies. This means we have the opportunity to double the amount of commercial space on site. However there remains an on-going unmet need for the right facilities in this region. A joined up approach to supporting indigenous firms to grow and external firms to locate within the cluster and the wider corridor is needed”
Dr Stephen King, Deputy Director at LSCC, comments:
“The growth trajectory of the corridor is set to lead the UK’s dominance of the life sciences sector in Europe. 1,400 existing life sciences businesses are already located in the LSCC corridor alone, accounting for 20% of the entire England sector, and 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.”
Entitled ‘The London Stansted Cambridge Corridor – A prospectus for Life Sciences Growth’, the report identifies a series of new developments to justify the growth of this major life sciences cluster that already generates up to £3.1 billion GVA. It was commissioned by the London Stansted Cambridge Consortium and produced by Bilfinger GVA.