Lin Bateson
Chief Executive, BioPartner
The UK BioIndustry Association (BIA) reported recently that the UK’s biotech and life sciences sector is on the cusp of a golden age, driven by strong demand from global investors for UK innovation.
We welcome the announcement that the UK government is increasing annual public R&D investment to a record £22 billion by launching an innovation strategy; targeting strategic technologies such as AI, bioinformatics, genomics; engineering biology, advanced materials and manufacturing.
Public R&D funding is an essential stimulus for venture capital and benefits companies of all sizes and types. Independent analysis has shown that the Innovate UK Biomedical Catalyst competition, relaunched this year, typically results in over £5 of private investment per £1 of public expenditure and increases employment by 11-15% over 3-5 years.
Investing in international growth
European start-ups tend to be less “blue sky” visionaries and are more focused on tangible targets compared to the US. We have seen that company valuations are also lower. This can be seen as an advantage as it can be attributed to EU companies being more cost-efficient and achieving targets with less funds.
Many of the processes that biotech and pharma developed for the COVID vaccine studies to operate with unprecedented speed, whilst never compromising on quality, are being incorporated into other programmes such as in oncology.
Many of the processes that biotech and pharma developed for the COVID vaccine studies to operate with unprecedented speed, whilst never compromising on quality, are being incorporated into other programmes such as in oncology.
Changes in regulatory framework
Now two sets of regulators are required – UK and EU, two separate regulatory and legal spaces, all must be thoroughly managed but at a cost to companies. The significant challenges encountered during drug development recognised the need for a global rethinking of the way this process is done. The ongoing pandemic has found ways to expedite the development processes. One partial solution has seen consortiums of multi-nations, academic institutions, clinicians, pharma companies and funding agencies gather at different fronts to source and manage their resources, share knowledge in real-time and the concomitant risks.
Eased regulations during the pandemic increased adoption of vaccine-related technologies in many countries, but reimbursement and regulatory policies post-COVID will be key to permanent uptake and growth.
BioPartner UK is the independent, accredited trade organisation that supports UK international trade. It is a source of advice and practical support for UK based life science organisations.
