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Innovation Needs Frameworks And Focus: Why The UK Must Rethink Regulation And R&D Priorities
The UK’s quest for competitive supremacy demands a radical overhaul of its regulatory landscape and research and development (R&D) strategies. Innovation, while essential to the nation’s prosperity, is increasingly seen as an obstacle that stifles progress rather than a catalyst for growth. This narrow focus must give way to a more inclusive framework that prioritizes not just technological advancements but also responsible innovation.
To begin with, regulatory bodies such as the Information Commissioner’s Office (ICO) and the Medicines and Healthcare products Regulatory Agency (MHRA) must embed themselves within the ecosystems they oversee. By doing so, they can foster real-time dialogue between policy and practice, ensuring that innovation is not only fast but also fair and grounded in economic reality. This transformation will likely require significant investment to create infrastructure and resources tailored to specific regions.
Furthermore, R&D investments should no longer be skewed towards high-profile sectors like life sciences, AI, and advanced computing alone. Instead, the government must allocate funds more proportionally across various sectors, including those that are already driving the economy. For instance, it is essential to recognize the creative industries’ £124.6 billion contribution to GVA in 2022 and provide them with adequate support through R&D funding and infrastructure development.
It is crucial that policymakers acknowledge the glaring disparity between innovation hubs like the ‘Golden Triangle’ and other urban centers such as Manchester, Leeds, Birmingham, or Liverpool. The absence of resources and public funding creates a two-tier system where some regions are denied access to capital, lab infrastructure, and government support. This imbalance must be addressed immediately.
For the UK to become a global leader in innovation, it is vital that regulators and investors prioritize both technological advancements and the structural conditions necessary for sustainable growth.
Source: www.forbes.com
