CEO Update - 12 May 2025

10-year Vision for the sector

We’ve formally published our 10-year Vision for the UK life science sector, the culmination of 18 months of research and engagement with members and the broader life science ecosystem. I’d like to thank all who have contributed their time and insight to help me develop it.

The Vision sets out four key goals that the ecosystem must achieve in the next ten years: 

• Late-stage capital has to be unlocked. This includes UK pension funds, which the BIA is calling to be mandated to invest in the sector.
• Home-grown talent has to be developed through greater sector awareness and more tailored educational programs, and by attracting overseas experts to the UK.
• Existing UK strengths must be further promoted, such as health data, dynamic tech and biotech start-up hubs, regulatory and legal expertise, and specialist manufacturing.
• Fostering greater collaboration among stakeholders at home and abroad.

Steve Bates OBE
CEO, BIA

We’ve published the Vision now as the UK government develops the Life Sciences sector plan and industrial strategy, to which the BIA has been contributing. By 2035, we envision a UK biotech sector with a stronger long-term capital base supporting both early- and later-stage firms. It will include more scaled-up companies, more hospitable public markets, a deeper talent pool, and continued global recognition for leadership across research, health/genomics data, clinical infrastructure, and specialist manufacturing. In ten years, UK biotech will have shored up its status as a top-three cluster internationally.

In developing the Vision, it remained clear that the access to capital agenda remains vital to our sector, so I’m pleased to continue to read encouraging press reports that the Mansion House agenda is moving. But if UK financial institutions are not prepared to back UK innovation and growth, the chances of UK companies growing to their full potential will be forever limited by the lack of ambition and vision of some in the City of London who are happy to invest UK taxpayers’ pensions in a supine and passive way that underperforms actively managed platforms here and around the world. So if the City of London is not prepared to match the ambition of innovators and the UK government in backing the UK to go for growth, it is time, as I said last week, to mandate tax-supported investment vehicles (which UK pension funds and ISAs are) to back British success like our life science sector.

Two trade deals done by UK government

Last week, the UK government concluded a landmark economic deal with the US federal administration. Although not a formal trade deal, it’s clear that the Prime Minister prioritised the UK life science sector in negotiating the UK/US Economic Prosperity Deal, as there are several positive mentions for our sector in the text.

For the USA to pre-agree that the UK will get preferential treatment in any further tariffs imposed as part of Section 232 investigations gives the UK a potential comparative advantage. But there is still much work ahead, since the US administration has yet to announce its tariff proposals for the pharmaceutical sector.

The deal also envisions “a future UK-US technology partnership” in which biotech and life sciences are name-checked - a reference reinforced by Ambassador Peter Mandelson in interviews after the signing. There is potential from this first step that we can build on. I am keen to get members' views on opportunities we can develop here.  

New free trade agreement with India

I’ve not had as much time as I would like to study the deal, which concluded last week and appears to have all the hallmarks of the draft deal structured by the previous Conservative government. It does not appear to address longstanding industry concerns about intellectual property protections for UK life science innovators within the Indian market, particularly the need for regulatory data protection. It feels like a missed opportunity for our sector, and terms agreed here should not necessarily be used as a baseline or template for other deals ahead, like Switzerland.

More to come from the USA

But as ever, there is more coming from President Trump. Last night, he announced he’d sign an executive order later today to bring down the costs of some medications by tying the amount the US government pays for them to lower prices paid abroad.

In his words: "I will be instituting a MOST FAVORED NATION'S POLICY whereby the United States will pay the same price as the Nation that pays the lowest price anywhere in the World."

This reference pricing agenda is one that he developed in his last Presidency and seems set on returning to, despite the complexity and legal challenges, and it's an important context for our sector, where the US market is approximately half the value of the global market.

Alchemab and Lily: $415 million deal

I’m delighted to see BIA members Alchemab Therapeutics and Eli Lilly & Company announce a licensing agreement worth up to $415 million for ATLX-1282, Alchemab’s first-in-class, IND-ready programme targeting ALS and other neurodegenerative conditions. The deal is an endorsement of both Alchemab’s cutting-edge AI-driven antibody discovery platform and Lilly’s global development expertise. Great news and congratulations to all.

Women in Biotech comes to Scotland

This week we’ve two great BIA events. On 14 May at the Royal College of Physicians of Edinburgh, we’ve got our next Women in Biotech event. The evening will unpack the findings of our Women in Biotech Leadership report, exploring the barriers female leaders face on their journey to the C-suite and beyond. Then, on 15 May, a webinar will take stock of the initial rollout of the EU Joint Clinical Assessment process, offering practical guidance on timelines and navigating the evolving market-access landscape for oncology. I hope you are able to join one or both.

London Life Sciences Week at BIO 2025

If you're heading to BIO 2025 in Boston, don’t miss the upcoming webinar on 15 May at 4 pm for an exclusive first look at the UK’s presence at the event, including updates from the ABPI and the Department for Business and Trade (DBT) on the UK pavilion. Get insights into key events, partnership opportunities, and how your organisation can engage with the US market and the wider global life sciences community.

Furthermore, be sure to join us for the London Life Sciences Week (LLSW) reception on Tuesday, 17 June at the UK pavilion at BIO 2025 in Boston. Organised by BIA, MedCity and London & Partners, in partnership with the UK government and DBT, this event celebrates London’s position as a global hub for biotech innovation.

Get a preview of what’s ahead at our LLSW reception and join the global life sciences spotlight in London on 16–21 November; more info at lifesciencesweek.london.