The UK is a world leader in medical research, with a vibrant research and innovation ecosystem in which public investment leverages significant charity and private investment.
However, we must not take this for granted. The Academy works to ensure sustained investment in research and innovation by demonstrating their societal and economic benefits - including supporting the new Industrial Strategy and ongoing activities around the future of the UK's research relationship with the European Union, which has significant implications for the UK funding landscape.
The four national Academies published an infographic on "Investing in UK R&D", outlining current public and private spending on Research and Development.
We responded to the Science and Technology Committee's inquiry into the Science Budget and the Industrial Strategy.
Alongside our sister Academies, we co-hosted events at the 2017 Conservative, Labour and Liberal Democrat party conferences, discussing the how to deliver growth and prosperity by increasing investment in Research and Development. All three events were Chaired by Professor Graeme Reid, who wrote a blog on his reflections, available on the Royal Society website.
The Academy submitted evidence to the Department for Business, Energy and Industrial Strategy's Green Paper on the Industrial Strategy.
The Academy welcomed the additional £2bn per year of public investment in research and innovation, announced in the Chancellor's Autumn Statement in 2016. This represents a step change in funding for the sector, and a strong message that research is at the heart of the UK's future. This news came shortly after the publication of a joint Academies statement - Open for Business - which called for Government to set UK research investment on a trajectory towards 3% of GDP, to keep pace with comparator nations.
Alongside our sister Academies, we co-hosted events at the 2016 Labour, Conservative and SNP party conferences, discussing the importance of maintaining the UK's as the destination of choice for research and innovation.
The Academy is supporting a new report, extending a series of evaluations of economic return from medical research. Working alongside Arthritis Research UK, Wellcome Trust, Medical Research Council and Department of Health, this new report will examine the return on research into musculoskeletal conditions.
The National Academies are working together to generate new evidence to ensure that future decisions on investment in research and innovation are informed by the best available analysis. With this project we aim to develop a better understanding of the ways in which research and innovation in the UK generates social and economic benefits, and the distribution of those benefits. The analysis will be commissioned in winter 2017 by an expert Steering Group, chaired by Lord David Willetts FMedSci.