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Innovation Needs Frameworks And Focus: Why The UK Must Rethink Regulation And R&D Priorities
As the United Kingdom aims to sharpen its competitive edge globally, innovation is being thrust into the spotlight in both industrial and academic spheres. However, this drive for innovation must not solely focus on emerging technologies, but also prioritize fairness, strategy, and a deep understanding of the current UK economy.
A critical issue lies in regulatory infrastructure, as it is often seen as an obstacle to progress rather than a crucial enabler of responsible innovation. This misconception needs to be corrected by embedding regulators within the ecosystems they oversee, mirroring initiatives like those undertaken by the Information Commissioner’s Office and Medicines and Healthcare products Regulatory Agency. These developments signal recognition that trust, which is not a luxury, but a vital component of successful innovation.
Furthermore, research and development investments must reflect the UK economy today. It has been observed that these investments are heavily skewed towards high-profile sectors such as life sciences, advanced computing, and AI. While these fields undoubtedly hold importance, neglecting the sectors driving the economy now is an economic blind spot.
Source: www.forbes.com
