Boris Johnson has pledged a £200m government investment into the life sciences industry to “mobilise £400m of private investment to allow science companies to scale in the UK" and facilitate life sciences companies to raise capital so they can develop manufacturing capabilities and run clinical trials in the UK. The British Business Bank is also set to launch a new dedicated fund to support the development of life sciences companies in the UK.
Mr Johnson said: “Over 60 years ago, we saw the discovery of DNA in Cambridge by a team of international researchers and today we are going even further. However this research was largely commercialised in California in a $40bn company based on UK research. This must change. This is part of my vision to have a vibrant post-Brexit economy fuelled by science and technology. The life sciences is a key component of this and we must continue to implement the life sciences industrial strategy.”
“PM ploughing £200m into UK’s life sciences sector“
Chief executive of the UK Bio Industry Association, Steve Bates, said: “It’s great to see the Prime Minister has reaffirmed the government’s commitment to the UK life science industrial strategy to grow companies to scale in the UK. The BIA is meeting with the British Business Bank in October and will press to ensure the new dedicated fund to support the growth of more UK-based cutting-edge health and life sciences companies can get money into companies as soon as possible. This is particularly important in the coming weeks as UK-based life science venture capital funds look set to lose access to European Investment Bank money, which has been a cornerstone investor in funds supporting our sector, as a result of Brexit.”