Life sciences leaders urge government to be bold
London, 4 June 2025 – As the BioIndustry Association’s (BIA) Parliament Day marks its 25th year, 50 senior figures from the UK life sciences community are gathering in Westminster to urge bold government action to deliver much-needed growth for the UK economy.
Together, the sector is pressing for pension funds to be mandated to invest into the sector.
With turbulence in the US life sciences and biotech market, the UK now stands at a strategic crossroads. Though a unique opportunity exists, for it to be capitalised on, greater public and private investment and coordinated policy support are required.
Steve Bates OBE, CEO of the BIA, said:
The bottom line is that, while there has been significant progress in the right direction thanks to the Chancellor’s leadership, we see too much reluctance within the pensions industry to invest in high-growth sectors like life sciences.
Although the UK has a unique life sciences ecosystem fuelled by its world-leading science base and excellent entrepreneurial management teams, without access to sufficient capital, companies will struggle to scale and stay here to produce jobs and economic growth.
Mandation appears to be the only option to change a pensions industry culture that is holding back British workers from growing a decent retirement pot, holding back medical progress and holding back economic growth.
Earlier this month, the government secured the support of 17 major pension providers through the Mansion House Accord, committing them to allocate at least 10% of their assets into private markets by 2030, with 5% allocated to UK assets. While this marks important progress, the scope of the commitment has been broadened and life sciences, and venture capital are not mentioned, unlike in the 2023 Mansion House Compact.
Life sciences is one of the government's eight priority growth areas in its industrial strategy.
This call is not being made in isolation, but instead it is being led by BIA in unison with 50 CEOs and sector leaders at BIA’s 25th annual Parliament Day, taking place today (4 June) in Westminster. Meeting face to face with policymakers, the attendees will stress the need for bold action to improve capital access and implementation of other key policies to support life sciences as a priority sector for the UK’s economic growth strategy.
To continue to build on the UK’s strategic advantage, BIA is calling on the government to:
- Deliver sustainable economic growth by doubling down on private and public investment to improve access to capital for life sciences scale-ups
- Enhance the NHS’s role as an engine for growth by strengthening commercial clinical trials capability and ensuring timely patient access to innovative medicines
- Harness the UK’s R&D and manufacturing strengths to drive growth
The message at BIA’s Parliament Day event is simple: the UK can lead the world in biotech – but only if the government acts decisively now to support the sector. Parliament Day marks a quarter-century of industry-government dialogue – and this year’s event signifies a pivotal moment.