Out of Oxford
Oxford University generates £7.1 billion for the global economy every year. It has also helped create 136 high tech companies based on university intellectual property with a combined turnover of £600 million per annum, creating 1,886 jobs and adding a yearly £132 million to the local economy, according to research conducted by economic analysts Biggar Economics.
The study also found the uni to be one of the UK’s most successful organisations for commercialising research through technology licensing. Oxford University accounts for £1 of every £10 of licensing income earned by the nation’s higher education sector, generating £14.8 million for the local economy.
In addition, Biggar estimates all Oxford medical research in 2014/15 to be worth £1.8 billion in the value of lives saved, quality of life improvements and in support for the local life sciences cluster.
“This report provides evidence for something long known around Oxford – the University drives the economy, both locally and nationally, as well as having a significant international presence,” says vice-chancellor Professor Louise Richardson. “We provide jobs, attract investment and conduct globally recognised research that improves the lives of the people of Oxfordshire and of the United Kingdom.”
However, Professor Ian Walmsley, pro-vice-chancellor for research and innovation, says the UK's imminent departure from the EU could create barriers for academics and researchers who wanted to come to the university.
"As we exit the EU, it's crucial we do not lose the ability to attract people from around the world to share their ideas and help us do better quality research and innovation,” he told The Oxford Times. "There is the potential reduction in funding, but more importantly there is the risk we could lose access to the networks we have established in the EU."
Image: Oxford University