Calls for action to increase scale-up capital

The UK BioIndustry Association (BIA) has called for action to address the UK’s chronic shortness of scale-up capital and attract global management talent in response to the government’s industrial strategy green paper.

“The UK has some of the world’s most exciting science, a supportive business environment and strong companies led by experienced management teams,” said Steve Bates, CEO of BIA. “We have an opportunity here to build something great — a global bioscience cluster that delivers life-changing treatments for patients in the NHS, rewarding and high-paying R&D and manufacturing jobs for people across the UK, and sustainable long-term economic growth for the country.”

BIA estimates that £1–2 billion more of scale-up capital is needed per year for the UKs bioscience SMEs. It submitted that the UK is in a strong position to close the gap on the leading life science clusters in Boston and San Francisco Bay area.

“There’s no lack of ambition in our sector and we are ready to work with the government to address the challenges we have identified as holding us back,” continued Bates. “We need to achieve a sea change in the quantum of capital available to bioscience companies, I hope this will be a core objective of the Patient Capital Review alongside addressing the short-termism of some investors. A second barrier to growth is the shallow pool of bright, skilled staff with entrepreneurial flair and leadership élan. We must do more to nurture the talent we have already and attract the best the world has to offer. The BIA is ready to work with the government on a comprehensive plan to achieve this.”