UK biotech in great shape, according to new industry report
pharmafile | June 16, 2016 | News story | Research and Development | Europe, UK, biotech, uk bioindustry association
The UK biotechnology sector is going from strength to strength, having raised an “unprecedented” £900 million on the London Stock Exchange last year and possessing an R&D pipeline that far outstrips European counterparts, according to a new report from the UK BioIndustry Association (BIA).
As well as funding and innovation, the rate of regulatory approvals for UK biotech’s products in both the EU and the US is also well ahead of European peers. The report, entitled “Money, momentum and maturity: UK biotech financing and deals in 2015/16”, goes on to highlight that the UK scores more regulatory approvals than the biotech hub of Massachusetts, despite possessing smaller companies.
In terms of raising funds, the UK industry continues to do well. In terms of follow-on funding, the UK raised almost £600 million in further capital, representing over 60% of the total London Stock Exchange money raised by biotech companies.
There is no room for complacency, however, despite the buoyancy in the sector. One lowlight of last year, in terms of funding, was the lack of reported seed capital for UK companies which underline the importance of effective support for early-stage companies through fit for purpose innovation policy from the government.
BIA chief executive, Steve Bates, says: “All of this shows the great shape the UK biotech sector is in and the huge potential there is to build upon. How we can sustain start-up momentum, alongside scaling-up UK life sciences companies that the country needs to feature as a top three global cluster, should be the shared focus across industry, government and investors in 2016.”
While no specific mention to it is included in their statement, the BIA has been quite vocal in its opposition to Brexit over the past few months. They have highlighted: “It is vital that the UK remains engaged in the EU and takes a leading role in shaping legislative and regulatory policy developments affecting the life sciences ecosystem.”
How leaving the EU could affect this upward curve in the biotech industry, however, remains to be seen.
Sean Murray
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