Much has been said about UK spinouts being at risk of being swallowed up by conglomerates (“UK biotech keeps selling itself to America”, Report, January 28) but it’s no surprise that growing companies look overseas for the scale and capital to bring breakthrough science to global markets.
Our analysis shows that the UK is a global deep tech powerhouse, ranking third worldwide for venture capital raised and home to nearly $155bn in combined deep tech value, with biotech and pharma topping the list. That’s a real success story.
But there’s an opportunity we can be making much more of. UK science is world class, but UK investor participation falls off sharply after early rounds. This is when many biotech companies enter the costliest phases of clinical development, manufacturing and global expansion.
There are things we can do — we need targeted interventions to help companies scale in the UK and remove friction around late-stage funding. Biotech companies also need more streamlined regulation and stronger pathways for adoption, including faster routes into healthcare systems and public procurement.
It’s critical that the Mansion House reforms increase investment by unlocking pension fund money and institutional capital. We are also working with partners to upskill UK investors and demystify the latest science and engineering advances.
We want UK companies to both compete globally and expand, while keeping local engineering expertise and jobs anchored here.
Sir John Lazar
President, Royal Academy of Engineering, London SW1, UK
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