BIA response to SIT Committee inquiry into life science investment

BIA submitted our response to a Science, Innovation and Technology Committee inquiry into life sciences investment.

The BIA welcomes the Committee’s attention on this key issue. Since the pandemic, there has been growing recognition from governments around the world that a strong and vibrant domestic life sciences sector is not only an economic imperative but a public health and national security necessity too.

In our response, we said:

• The UK has a world-leading life sciences sector supported within a vibrant ecosystem that benefits from world-class universities, the NHS and unique data cohorts, and medical research charities.

• Ensuring every part of this ecosystem is supported is essential to maintaining the UK as an attractive location for life sciences investment. Recent announcements of divestment driven by the commercial environment are very unhelpful to the overall sector.

• The UK’s start-ups and scale-ups are internationally competitive, attracting around 40% of European biotech venture capital and creating high-value jobs and R&D activity; with the right fiscal incentives and policies, including investment from the City of London, more R&D and manufacturing investment could be secured.

• Increased spending on medicines must be accompanied by better collaboration and alignment across the entire chain from regulation to assessment and reimbursement.

• The Sector Plan is a very comprehensive with much to welcome, but its success depends on delivery of commitments, complemented by increasing the NHS spend on medicines to address the growing negative perception of the UK