With an elderly population and the rising costs of new drugs, healthcare is set to be the main public policy challenge of our time.

That’s why I was delighted to be asked to give a keynote speech on the role of the Life Science sector in driving new innovations and treatments at the Innovate UK Conference this morning, hosted over two days, with 200 speakers and 2,000 guests per day.

In my speech I highlighted how the creation of my new role as the UK’s first ever Minister for Life Sciences shows the Prime Minister’s personal commitment to Life Sciences as a priority sector and core to our Industrial Strategy, helping improve the lives of UK patients, drive efficiency in the NHS, and benefit the UK economy contributing to long-term sustainable growth. Following the launch of the Strategy for UK Life Sciences in 2011, which catalysed more than £2billion in private sector investment in 2 years, the creation of the new Office for Life Sciences is focused on showing how data, genomics, technology and innovation can deliver what the health service and patients need.

I believe we stand on the cusp of a once-in-a-generation chance to maximise the potential of UK innovation in this area. With our world leading science base and the global reputation of the NHS, we have the opportunity to be at the forefront of a new age of 21st century healthcare.

This means faster adoption of innovation within the NHS. It also means embracing new technologies – in particular developments in genomics and big data analytics – that hold the potential to transform the way we deliver care to patients in the UK, and how we connect health products and services to build healthcare solutions.

It also means recognising the great success story of the life science sector in the UK. There are nearly 5000 companies in UK health life science sector (including non-manufacturing & service companies), employing around 175,000 people. Life Sciences alone account for 6.6% of GVA in the UK manufacturing sector.

In light of the challenges we face, the task is clear: making Britain the best place in the world to develop 21st-century medicines. With the measures and Government commitment to the sector I outlined in my speech today, I believe the UK is already leading the way.