Cambridge Biomedical Campus celebrates 60 years with £2bn boost to UK economy

A new economic impact report  details the financial contributions of the Cambridge Biomedical Campus (CBC), which celebrates its 60th anniversary this autumn.

Cambridge University News • cambridge
Sept. 2, 2022 3 minSource

The key findings of the report are:

The campus supported an aggregate economic footprint of £2.2 billion worth of Gross Value Added to the UK economy and that as well as being the largest employment site in Cambridge, over 15,000 additional roles are supported across the regional supply chain and local businesses. For every 10 jobs directly generated by organisations on the CBC, a further 2.7 jobs are supported within Cambridge City and South Cambridgeshire; one in every six jobs in the local authority areas are either directly or indirectly supported by the campus. Employment on site is growing much faster than the rest of the UK and that £721m is spent by employees across the regional economy.

Looking at the wider economic picture, the research highlights that in 2021 the site reported a collaborative operating income of £1.9 billion, as well as contributing £291million to the Exchequer through tax revenues.

In addition to the new report, a series of events are planned to celebrate the success of the campus spanning 60 years and to tell more stories about the globally significant research that goes on.

Dr Kristin-Anne Rutter, Executive Director at Cambridge Biomedical Campus, said: “The economic impact report for the first time demonstrates the importance of the Cambridge Biomedical Campus to the region, and to the thousands of people who work here and rely on the organisations, whether it’s as a patient or someone working on the site. The success we have on the site is not just limited to improved healthcare and treatments for patients – we generate jobs and income for businesses across Cambridge and the East of England. We do this through collaboration, with research, industry and the NHS working together to drive innovation which is then shared.

“The report is an important milestone, so too is our 60th anniversary and throughout September we’ll be highlighting some of the amazing developments and ideas which have happened since Addenbrookes hospital and the MRC Laboratory of Molecular Biology arrived on the Hills Road site. We’ll be sharing how the campus has grown and how science is taken from laboratories into hospitals, to diagnose and treat patients with world-leading innovative healthcare.”

Alongside the major economic impact of CBC, the research that takes place on the campus has very real and direct healthcare benefits, fuelled by innovation and discoveries that sit at the very forefront of life sciences technology and knowhow.

Read the report

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