CEO Update | 13 March 2023

13 Mar 23
BIA Blog

What a weekend. The strategic risk to our sector resulting from the run on Silicon Valley Bank (SVB) has been averted. HSBC has come in to buy SVB UK and we now have a major UK bank supporting our growing industry for the years ahead.

Thank you to all who have worked so hard to get us to this point, and for the engagement, insight and trust our members had in the BIA.

Without you sharing the size of the problem, I don’t think we could have made such a convincing case to the UK government for such a strategic intervention.

It’s been a rollercoaster and I’ll need some time to assimilate. I hope to write a fuller story on this in the weeks ahead.

See our initial statement on this matter, the statement from the HM Treasury and Bank of England and from HSBC.

Steve Bates OBE, CEO of BIA:
"The UK life science sector wants to thank and congratulate the UK Government, the Bank of England and HSBC for listening and moving at pace to find a great solution to the SVB UK issue. This is a win for UK life sciences ➡️ https://t.co/PSHS18HET8
— BioIndustry Association (BIA) (@BIA_UK) March 13, 2023

Media reports worth a look are below.

I’m sure many of you will never forget this weekend and how close to disaster we all sailed. Do share your thanks and tales of relief (and what you continue to do) with partners and stakeholders as we go forward.

Onward now to the Spring Budget on Wednesday, R&D tax credits and VPAS.

Steve Bates OBE
CEO, BioIndustry Association

More news and updates

27 Mar 23

BIA Blog

CEO Update | 27 March 2023

The UK Government published last week the long-awaited response to the consultation on proposals to improve the UK clinical trials legislation, with a foreword by life science champions Sir John Bell and Sir Jon Symonds. These reforms represent the biggest overhaul in UK clinical trials regulation in over 20 years and will make the UK one of the best countries to conduct clinical research for the benefit of patients and the life sciences sector. Continue reading for details on upcoming events, UK Parliament scrutiny of SVB Collapse, and more.

20 Mar 23

BIA Blog

CEO Update | 20 March 2023

The Budget last week had major wins for BIA members including changes to R&D tax credits rates for loss-making SMEs. Read our press release and Martin’s analysis blog. This is a major, major win for a BIA campaign and wouldn’t have happened without member engagement and perseverance. Many thanks to all who helped – this non dilutive government co-investment will make all the difference as you crowd in private sector investment.