It's with great pride that we launch the Life Sciences Hub Wales 2024-25 Annual Report. This report doesn't just detail a year of activity; it showcases a clear and powerful connection between innovation, economic prosperity, and the health of our nation.
Gareth Healey
Head of Economic Development
Our mission has always been twofold: to improve health outcomes and to drive economic development across Wales. This year’s results demonstrate that these two goals are not just compatible but deeply interconnected.
The Welsh life sciences sector is a cornerstone of our economy, generating £2.62 billion in turnover in 2021 and employing over 12,000 people. Yet, we operate within a challenging landscape, facing a national productivity gap and significant pressures on our healthcare system. In this context, innovation isn't a luxury, it's the engine that will propel us forward, creating a healthier and wealthier Wales for generations to come.
The economic impact of health innovation
So, how does innovation in health and social care translate into tangible economic benefits? The answer lies in creating a dynamic ecosystem where new ideas can flourish and scale. At Life Sciences Hub Wales, we act as the catalyst for this ecosystem. Our role is to connect brilliant innovators—from startups and SMEs to academic researchers and global corporations—with the opportunities, investment, and expertise needed to bring their solutions to life.
When a Welsh company develops a groundbreaking diagnostic tool or a digital health platform, it does more than just improve patient care. It creates high-value jobs, attracts private investment, and boosts Wales’ Gross Value Added (GVA). This economic activity stimulates growth in connected sectors like advanced manufacturing and digital technology, enhancing our national resilience. Our Economic Development team is at the heart of this process, providing the critical intelligence and support that helps businesses grow, relocate, and thrive in Wales, ultimately turning innovative potential into measurable economic success.
Our 2024-25 achievements in numbers
This past year, our work has yielded remarkable results, demonstrating the powerful return on investment that innovation delivers for Wales. We are proud to highlight that our support for the life sciences sector has generated:
- £3.9 million in GVA for the Welsh economy
- Secured £5 million in funding for pioneering projects and companies
- Attracted £2.44 million in private investment into Welsh life sciences.
This delivered an outstanding £9 return for every £1 of public funding spent.
Crucially, these economic achievements are directly linked to better health outcomes. The innovations we supported have positively impacted 64,606 patients, saved NHS Wales 1,040 hospital days, and prevented the need for 2,191 clinical visits. This proves that investing in health innovation is one of the most effective ways to build a stronger, more sustainable economy while delivering the public services our citizens deserve.
The power of collaboration
Our success is not achieved in isolation. It is the result of a deeply collaborative approach that brings together expertise from across Wales and the UK. Internally, our Economic Development team's vision is integrated with the efforts of all departments within Life Sciences Hub Wales, harnessing our collective strengths to deliver a unified and impactful strategy.
Externally, our impact is amplified through strategic partnerships with a wide array of organisations. We engage with UK-wide bodies that provide comprehensive economic data to underpin our analyses, and those that offer crucial insights into national research trends and funding streams. We also work closely with life sciences industry associations who contribute vital business perspectives. Crucially, our strong relationships with Welsh universities that have a life sciences focus provide access to cutting-edge research and expertise on technological advancements, fuelling the next wave of sector growth. This extensive network of collaborators is fundamental to making our work possible and enhancing our relevance across the sector.
The Curo project: pioneering sustainable healthcare in Wales
Our commitment to innovation is demonstrated by the Curo project, a landmark collaboration with Cardiff and Vale University Health Board. This trial at University Hospital Llandough is deploying a revolutionary clinical waste management system designed to reduce environmental impact, cut costs, and enhance NHS sustainability.
Beyond the immediate benefits to healthcare delivery, the project is a powerful example of how SME innovation can generate supply chain opportunities, create green jobs, and showcase Wales as a leader in sustainable health solutions.
Brendan Sadka, CEO, Sadka Consultancy working on behalf of Curo Waste part of Peacocks Medical Group said:
“Partnering with Life Sciences Hub Wales will enable us to demonstrate the real-world benefits of the Curo system. Our technology not only delivers practical savings and greater efficiency for the NHS, but also highlights how Welsh innovation can set new global standards in sustainability and circular economy practice, turning local solutions into opportunities with far-reaching economic and environmental impact.”
Looking ahead: our vision for 2025-26
Building on the powerful momentum of the past year, we are focused on amplifying our impact in 2025-26. Our vision is to evolve into the central provider of economic intelligence for the life sciences sector in Wales, equipped to tackle the big questions facing our economy and health system.
In the coming year, we will continue to support promising Welsh companies to help them scale and expand our support for high-growth SMEs with the potential to compete on a domestic and international stage. We will also strengthen strategic partnerships that connect Wales into wider UK and global markets, attracting talent and opportunity, and ensure every innovation we support creates measurable economic value for Wales.
Our long-term aim is to:
- Close the productivity gap between Wales and the rest of the UK
- Position our life sciences sector as a recognised leader within the UK's ambitions to become the third largest globally
- Help create a more sustainable and equitable health system for all
The journey ahead is exciting, and the potential is immense. We invite you to learn more about our work and the incredible innovators we support.
Our Annual Report for 2024-25 is available to read below:
