CEO Update - 3 July 2023
VC mixer
Last week, a sizable delegation of US-based venture capitalist investors toured the UK life sciences ecosystem. It was a pleasure for us to host a mixer event where BIA member CEOs and UK-based investors met and mingled with the delegation. I hope new investment opportunities and partnerships can flourish from these types of events.
Harrington review input
It was a good chance to engage with Lord Harrington last week at the HM Treasury-hosted roundtable seeking to explore how the UK government can help improve the UK business environment for life science companies. This review will report to Chancellor Jeremy Hunt before Autumn Statement. It will touch on how best the wiring of Whitehall can support themes around investment, overseas promotion and scale-up investment. I look forward to seeing the recommendations later in the summer.
Inflation Reduction Act webinar recording
Thank you to those who attended our webinar on the Inflation Reduction Act last week. As the Act’s implementation draws closer, I think we all need to focus on how it will impact UK life sciences. It was useful to understand timelines, the reactions Stateside as well as concerns and potential opportunities for the UK. I think this is a topic will need to return to as things develop and look for your input as to what will be most helpful to receive. If you were unable to attend or would like to listen again, you can watch a recording of the webinar. We are also looking to publish a summary blog later this week, watch this space!
EuropaBio
The proposed general pharmaceutical legislation by the European Commission was the talk of the EuropaBio Board and AGM meeting last week. Just as it is essential to keep up with developments in the USA, we also need to keep a close eye on legislative proposals and developments at the EU level in the coming months. This is because they will not only shape the pharmaceutical and biotech market in the European Union but may also set precedence or become points of contention in future trade negotiations again. This is an area where I’m looking for member input and understand how our association can best provide timely advice on what is an important brief, but likely to be slow moving.
NHS anniversary, VPAS and workforce review
The NHS celebrates its 75th birthday this week. The much anticipated NHS workforce review was published by the government last week although it seems continued strike action is a probability in the weeks ahead. Sadly this will make hitting NHS targets like waiting times and clinical trial starts harder, not easier. At the same time, there has been no early breakthrough, progressing Voluntary Pricing and Access Scheme negotiations. Without clarity before parliament rises later this month the real possibility that no agreement can be reached must be factored into industry thinking. At that point, much closer scrutiny of proposed statutory schemes will become front and centre in industry planning.
Parliament day
I’m looking forward to seeing many of you this Wednesday as our annual delegation to Parliament and other key stakeholders hits Westminster. It’s an event that always makes me proud to see us come together and use our collective voice to improve the understanding of the sector and movement on our agendas.
Thanks to those who are coming and watch out for an update on what went on in the next week's Newscast!
Steve Bates OBE
CEO, BioIndustry Association
