CEO Update | 21 February 2021
With the Queen working on light duties after her positive COVID-19 test and the Prime Minister unveiling plans for how the UK will live with COVID-19 this week, it is a moment to reflect on just how important the work of our sector is in bringing the pandemic to this point, this quickly.
It is our sector that has developed, manufactured and provided the tools needed to tackle COVID in the form of vaccines, antiviral and antibody treatments required to end lockdowns and move to a new normal – this has been through unprecedented collaboration pulling together government, industry and academia throughout 2020 and 2021. This piece in STAT calling it a “freaking miracle” put it into perspective for me.
Rest assured as we now look forward to making sure we have the strategy and capability to confront the next health challenges, the BIA will champion the unique and vital expertise companies in the UK biotech and life sciences sector offer.
Analysis of London-quoted biotech companies
Our recently published finance report showed record-breaking levels of investment in the sector, with £4.5 billion raised by UK life science and biotech companies. We have now published a fresh analysis of London-quoted biotech companies, showing that the sector enjoyed market-beating share price performance too. Throughout 2021, the broad biotech index curated for us by Radnor Capital Partners returned +16% vs +14% for the FTSE All-Share. Cell & Gene Therapy, Research Tools, Medical Devices and Small Molecule subsectors all returned over 20%. The analysis shows that this positive activity was largely the result of North American investors flocking in during a frantic first half of the year. However, mirroring Nasdaq, that activity fell off in the second half. Our analysis shows UK Institutional investors were material net sellers of our sector in 2021 and this shows the continued need to show the long-term value of our sector to the London investor community. We are watching markets on both sides of the pond closely and expect to be providing further insights as 2022 progresses.
BIA response to UKRI survey on UK immigration system
Access to international talent is fundamental to an innovative biotech sector and BIA has consulted widely on the current immigration system to provide feedback on UKRIs survey of R&D businesses and the UK immigration system. We'd like to thank members for their input. Headline conclusions are that the Skilled Visa Route is widely used across the sector but there is little benefit to using other more specialist visa routes. The biggest barrier within the current UK immigration system is the time taken to process applications, alongside the complexity of the system requiring specialist knowledge and skills to navigate. BIA members responses have been submitted directly to UKRI and Office for Life Sciences as well as shared across Life Sciences skills communities. Additional feedback is always welcome, please contact Kate Barclay.
BIA response to Paul Nurse review
The BIA has responded to Sir Paul Nurse’ invitation for views on the research, development and innovation (RDI) landscape in the UK. In our submission, we highlighted the areas of most importance to life science SMEs, the role they play as a route through which the UK will realise the economic and social benefits of a strong RDI landscape, and the importance of creating the right policy environment for the RDI intensive life sciences sector and its innovative companies. This ecosystem-wide review is a timely opportunity – as the UK emerges from the pandemic with a renewed impetus for scientific progress, and with the life sciences sector vibrant and relatively well-financed – to look at the system as a whole and what each component needs to perform at its best.
CEPI open calls for proposal
The Coalition for Epidemic Preparedness Innovations (CEPI) announced two new calls for proposals, these include developing heat-stable vaccine tech for use against epidemic and pandemic threats and identifying vaccine development and manufacturing facilities to support global pandemic response. These are practical opportunities for companies to engage in the 100-day mission to develop a vaccine in the future which will be the focus of their global pandemic preparedness conference hosted by the UK government in London next month.
Steve Bates OBE
CEO, BioIndustry Association
