Business Barbados 2022

from across the globe. It is further anticipated that the life sciences park will attract such manufacturers as pharmaceutical manufacturers and companies undertaking medical technology manufacturing and drug development. The over 200,000 square feet of clean scientific space will also give the hundreds of scientists graduating from The University of the West Indies annually a place where they can hone their skills, working alongside some of the best minds in the world. In fact, I am confident that Barbados can become a life science cluster similar to Costa Rica and Singapore and will also be able to leverage its strengths to work closely with life sciences powerhouses globally, in particular Switzerland. I envisage Barbados and Switzerland developing a collaborative relationship where Barbados can provide a skilled and affordable labour force to the Swiss, while benefitting from their expertise in the field. But what are life sciences? The term refers to any science related to living organisms and life processes. It involves the study of living organisms, including human beings and plants. The life sciences industry has an expansive reach, comprising companies engaged in the research, development and production of pharmaceuticals and biotech (including vaccines), medical devices, diagnostics, biotechnology- based food, natural health products, medicinal cannabis, cosmeceuticals, animal health, among other products aimed at improving the lives of organisms. To successfully operate in this life sciences industry, Barbadian companies must be willing and ready to keep pace with the ever-changing and oftentimes challenging environment brought on by the global need for innovative, cost-effective products, which provide greater value for money. With those demands on the industry comes new possibilities and opportunities, which will be technology-driven to achieve the anticipated growth in the sector globally. The sector is already making its mark, as it has played a key role during the pandemic. The global life sciences industry has been growing over the past decade, and in 2020, global deals transacted in the life sciences industry represented USD 285 billion, and it continues to grow. Export Barbados (BIDC) believes that Barbados can carve out a niche in this industry to become a life sciences leader. At present, biotechnology accounts for approximately 75 percent of Barbados’ certified exports. Notably, Barbados’ top ten domestic exports between 2018 and 2022 included life 75% BIOTECH EXPORTS Barbados’ BiotechExports (2018-2022) #1 RUM USD $155.4 m #4 MEDICAMENTS USD $43.9 m #8 ARTIFICIAL BODY PARTS USD $33.7 m Above: Figures represent cumulative domestic exports between 2018-2022.