The Economic Impact of In-silico Technology on the UK and its Lifesciences Sector
Creators: name: Frangi, AF
name: Denison, T
name: Lincoln, J
Publisher: name: Zenodo
Year: 2023
Subjects: in silico trials
economic impact
regulatory science
in silico medicine
medical devices
pharmaceuticals
lifesciences
United Kingdom

description: Computational Modelling and Simulation (CM&amp;S), sometimes referred to as in silico methods, are omnipresent in almost every industry sector and rely on sound engineering and science principles (<em>e.g.,</em> automotive, aerospace and microelectronics) but with a slow uptake in pharma and med-tech. The InSilicoUK Innovation Network advocates unlocking the UK Life Sciences strategy and delivering upon the Life Sciences Vision by ensuring the UK has a strong regulatory science foundation that protects and advances public health. This foundation needs to modernise and embrace the potential and opportunities open up by digital data, modelling, and simulation. Amongst others, the recently published Landscape Report &amp; Industry Survey on the Use of Computational Modeling &amp; Simulation in Medical Device Development by the Medical Device Innovation Consortium articulated how CM&amp;S can lead to safer, faster, and more cost-effective innovations for patient benefit. We are a coalition of actors with academic, industrial, standardisation, compliance testing, policy and regulation background convinced <em>in-silico</em> technologies can support areas currently held back by the incumbent regulatory framework. They can cement the UK’s position as a global hub for health &amp; life sciences R&amp;D. Finally, they can drive economic growth and the creation of skilled jobs, levelling up across the country and supporting inward investment. This report explores the impact on some aspects of the UK’s economy that will be impacted or enabled by in-silico approaches to innovation and regulatory evidence creation. Our findings provide evidence that in-sliico approaches can drive economic prosperity and demands for highly skilled jobs. Our main findings: By 2025, a $109 billion global market is predicted for medicines and medical devices developed using in-silico methods, which will grow at 16% CAGR. By 2025 25% of new pharmaceuticals and 50% of all new medical devices will utilise in-silico technology in their R&amp;D lifecycle. The UK will purchase ~£654 million in drugs in 2025, and at least £400 million of medical devices will have used in-silico methods throughout their Research &amp; Development (R&amp;D) lifecycle. In-silico technologies will impact the UK’s entire £88.9 billion life science sector. In-silico technologies offer a step-change to the productivity of drug and medical device development such that By 2025, in-silico methods will enable 30% more new drugs and 30% more new medical devices to be brought to market annually, By 2030, in-silico methods will enable 60% more new drugs and 30% more new medical devices to be brought to market every year. Demand from medical device and pharmaceutical developers will grow the open market for in-silico software tools and services to $5.0 billion globally by 2025 and 9.2 billion by 2030, with the UK share of this being at least 5%. In-silico technologies will be critical to the future of the 111,200 directly employed in 2,010 UK manufacturing sites in the Pharmaceutical and Med-Tech sectors. By 2025 at least £2.6 billion worth of Pharma and Med Devices underpinned by in-silico methods will be made in the UK, even at our current share of the global manufacturing. By 2025 the UK will export at least ~£800 million of pharmaceuticals underpinned by in-silico methods annually. Following its public kick-off of the InSilicoUK Innovation Network in Mar 2022, the network continues to advocate for in-silico technology in the UK and provides evidence for its adoption in the UK while globally coordinating with Avicenna Alliance and the Medical Devices Innovation Consortium. The first report published by InnovateUK-Beahurst Report on In-silico Medicine focused on UK entrepreneurial activity, innovation funds, venture capital, and start-ups in this domain. For more information, follow us at www.insilicouk.org and https://twitter.com/InSilicoUK Source: Frangi AF, Denison T &amp; Lincoln, J (2023). The Economic Impact of In-silico Technology on the UK and its Lifesciences Sector. Report. https://doi.org/10.5281/zenodo.7558649
description: www.insilicouk.org