BIA unveils 2024 TechBio report: pioneering advancements in data-driven approaches
16 October 2024, London, UK – The UK is a global leader in TechBio, drawing substantial investments and nurturing a vibrant ecosystem of talent and businesses, reveals a report launched today by the BioIndustry Association (BIA).
The trends documented in the TechBio report include a growing prevalence of generative AI for designing new drugs and multimodal models that combine different data sources, for drug discovery and personalised medicine. Highlighting the transformative impact of AI on the life sciences sector, the report emphasises the growing importance of strategic partnerships and collaboration between academia, industry, and government.
TechBio is an expanding field that merges advanced technologies with biology to revolutionise healthcare. On 16 October at Kings Place, London, the BIA is set to hold its third annual TechBio UK conference, featuring Ramesh Durvasula, Senior Vice President of Eli Lilly, and Sergei Yakneen, Chief Technology Officer at Isomorphic Labs, as keynote speakers. The conference will also feature a range of innovative companies at the cutting edge of the TechBio sector, covering genomics, engineering biology, data, and AI. During the event, the BIA will launch its latest TechBio report, which explores the sector's current state and provides key insights on leading companies and future trends.
Steve Bates OBE, CEO of the UK BioIndustry Association (BIA), commented:
The BIA stands resolute in its mission to uplift the TechBio community, advocating for policies that ignite innovation and fuel growth. We are honoured to spotlight the extraordinary achievements of UK-based TechBio companies and their transformative impact on global health.
I urge you to read this report and uncover the groundbreaking advancements taking place.
In partnership with Citeline, the BIA studied a variety of TechBio organisations, contextualising the current state of the sector and demonstrating the growing importance of partnerships. BenevolentAI and their deal with Merck KGaA allowed the latter to access a group of scientists specialising in interdisciplinary drug discovery. Meanwhile, Isomorphic Labs’ partnership with Eli Lilly enables the discovery of small-molecule therapeutics against multiple targets. At the event, we will be hosting innovation showcases which will demonstrate the work such companies are carrying out.
Bianca De Blasi, Senior Data Scientist at Citeline, commented:
TechBio merges technology and biology, revolutionising healthcare and accelerating drug discovery through AI-driven innovations. The collaborative approach of the TechBio sector, outlined in this report, is transforming the landscape of drug discovery at an unprecedented pace and improving healthcare outcomes for all.
The TechBio report outlines several challenges that must be addressed, including the need for a well-trained workforce and equitable access to high-quality data; without these essentials, innovation will be hindered. Despite these obstacles, the report maintains an optimistic tone, highlighting the potential for rapid progress. The crux of the report is that, with the right focus, the TechBio sector can not only meet these challenges but also thrive in the pursuit of groundbreaking advancements in healthcare.
