Healthcare and Life Sciences
Healthcare has seen a significant slowdown in growth which likely reflects consumers reining in discretionary health spending in the current economic climate. While expenditure on pharmaceutical products continues to grow, there has been a decline in expenditure on medical and dental services. Despite these falls, going forward this sector is likely to benefit from an aging population bringing about an increase in consumer expenditure. As such, demographic factors mean that growth prospects in the sector remain sound for the medium-to-long term.
The life sciences industry is expected to be a growth area over the coming years although not without its challenges. The Government’s Industrial Strategy, announced aims to maintain and enhance the UK’s global position in this key sector. Support for the discovery, development and commercialisation of research should help life sciences exports continue to grow strongly, flying in the face of overall economic weakness.