26 June 2023

CEO Update - 26 June 2023

Life Science Leaders

I came away from our Life Science Leadership Summit refreshed and reinvigorated from the excellent conversations. Despite challenging market conditions, it was great to see many companies finding new routes to success and ways of making sure top talent comes into our ecosystem. Lisa Anson, CEO of Redx Pharma did a great job in helping us understand what drives Professor Mene Pangalos, Executive Vice-President, BioPharmaceuticals R&D, as a leader, and the new areas he sees for AstraZeneca’s continued growth.

JP Morgan - Chancellor's Speech

At JP Morgan’s Healthcare Conference in London last Thursday, it was good to see Canary Wharf's plans to become a life science hub progressing, with the first building now open. Jeremy Hunt, Chancellor of the Exchequer, reconfirmed his commitment to ensuring unlocked finance from institutional investors, such as pension funds, reaches growth sectors like life sciences, and seemed open to making the UK's tax regime even more globally competitive.

Moderna 10-year deal

Moderna’s celebration of its 10-year deal with the UK government was the embodiment of all the tracks global lifestyles companies to invest and partner in the UK. The exciting plans centred on the new field in Harwell that goes far beyond vaccine plans and developing mRNA's potential in oncology and immunology. Hearing what others value and having a system that reinforces the strength, we have in the NHS, in genomics, in regulatory and in our clinical trials capability.

The King's Fund Report

The ABPI commissioned King's Fund Report out today at the state of the NHS is a sobering read. A mixed-bag picture shows the potential for a health system and some of the key challenges. Well worth a read and I’m sure it will inform Roland Sinker’s review into how the NHS can become an engine for innovation.

Inflation Reduction Act webinar

One topic that was prominent in the discussions at the Life Science Leadership Summit was the US government Inflation Reduction Act (IRA) and its likely impact on our global sector and on the UK ecosystem. That’s why we put together a top webinar with insight and reflection from people who have been deeply involved in its development and understand the Washington DC discussions and battles happening right now, so please join us tomorrow. It is something we all need to understand.

Welcoming more investors to the UK

The fundraising environment is not easy at the moment, but I'm delighted that US investors continue to be attracted by the quality of our science and companies. A delegation of around 30 West Coast VCs eager to see more of what we have to offer will be in the UK this week, and I know their itinerary arranged by government will bring them in touch with many of you. We are looking forward to welcoming them to our offices on Wednesday to help link them in with our fantastic ecosystem.

Harrington review

Thursday will see me at the HM Treasury taking part in a roundtable on how the UK government business departments can better drive the life science agenda. Do let me know if you have strong views about how the trade and investment teams' work.

Losing a mentor - Margaret McDonagh

I’m sad to report that over the weekend an important mentor in my career Margaret McDonagh died at the age of 61 of glioblastoma. My former colleague and now shadow Treasury Minister, Pat McFadden has written a moving tribute.

BIA events

As I mentioned last week, our Summer Party tickets sold well and now we are completely sold out. Please book early for the bioProcessUK, TechBio UK conference and the Gala Dinner to avoid disappointment.