Ahead of the Autumn Statement, the Academy of Medical Sciences has led a call for the Chancellor to place medical and health research at the heart of plans for growth. The letter, signed by leading biomedical and health research institutions from the private and charitable sector including Pfizer, Wellcome, BioIndustry Association, Cancer Research UK and the British Heart Foundation, highlights the need to invest in research as a driver for health and wealth across the UK and globally.
UK-based life sciences and biotech companies have raised £1.5 billion in equity finance in the first three quarters of the year, with investment activity accelerating in the three months leading to 31 August.
The Chancellor of the Exchequer today announced at the mini-Budget the Long-Term Investment for Technology & Science (LIFTS) competition. This will provide up to £500 million to support new funds designed to catalyse investment from pensions schemes and other investors into the UK’s pioneering science and technology businesses, this is a direct result of the life science scale up agenda that the BIA has championed and worked closely with government on.
Genomics companies outperform their life science peers at attracting both public and private investment according to a new report. New data shows that UK genomics companies raised £1.9 billion of venture investment and £35.7 million in public grants since 2017, demonstrating the strength of this innovative sector.
The UK’s R&D tax relief regime will continue to support innovative life sciences and biotech companies to conduct essential clinical trials and some pre-clinical work overseas following the publication of new draft legislation. However, some concerns remain, with further clarifications and guidance needed, says the sector’s trade association.
The UK biotech sector has continued to attract investment despite global economic headwinds impacting all sectors, new data published by the UK BioIndustry Association (BIA) and Clarivate shows today (30 June 2022). The data has been published as biotech leaders visit the Houses of Parliament to press policy makers to make the most of the UK’s competitive advantage to be at the forefront of global innovation in the 21st Century.
The new data on equity investment in the UK biotech and life sciences sector between March and May 2022 shows £450m was raised, compared to £481m in the first quarter of 2022
Steve Bates OBE, Chief Executive of the BioIndustry Association and former member of the UK Vaccine Taskforce in 2020 said: “UK innovators look forward to welcoming the Moderna team into our collaborative and capable community. The UK’s life science ecosystem’s innovation base, with Moderna’s new mRNA Innovation and Technology Centre and additional mRNA manufacturing centre stage, is now superbly placed to ensure the next generation of mRNA technologies, including next generation vaccines, are developed and manufactured for the globe from the UK."
Commenting on the decision by the WTO World Trade Organization (WTO) Ministerial Conference (MC12) to endorse a TRIPS waiver for COVID-19 vaccines, Steve Bates OBE, Chief Executive of the BIA said: “The new WTO agreement will make it far harder for innovative small biotech companies to raise finance to develop their innovations against the next threat and does nothing to solve the immediate access to vaccines challenges the globe faces. It incorrectly points to intellectual property as a barrier to the pandemic response rather than an enabler bringing healthcare solutions, safely and quickly to patients.”
The BioIndustry Association (BIA) has today released analysis of its Innovation Map at its Start-up Festival. The Innovation Map was launched in 2021 and is a resource to support next generation entrepreneurs to find relevant programmes to establish or grow their business within the UK life sciences and biotech ecosystem.