CEO Update - 12 August 2024
This special summer newscast brings you up to date with the new UK government's engagement with life sciences, snapshots latest financing figures and showcases new BIA capacity through our new online presence.
New government agenda and engagement
Growth is the priority of the New Labour government. We are contributing to HM Treasury consultations in September, and now know that the Budget will be on 30 October. For us core agendas of interest will focus on ensuring pension money into productive finance, the new national wealth fund and how the spending review process operates to enable our sector to grow.
Steve Bates OBE
CEO, BioIndustry Association
Health
With the Department of Health, we are contributing sector data to the process for the prescription for change from Ara Darzi this week, which will inform the development of a ten-year plan expected to be consulted on in the autumn. I hope the doctors' and nurses' pay deal will reset the conversation between the government and the NHS team enabling a focus on innovation to drive next-generation health to emerge.
Trade
The government has set out priority countries for free trade agreements but perhaps more important is the new mood music in resetting the relationship with European nations and the EU. Policy no longer had to be couched in terms of a Brexit dividend and we look forward to engaging more in this area.
2025 Charity of the Year Partnership
Applications for the 2025 Charity of the Year Partnership are now open! This is an opportunity to collaborate with us and explore innovative fundraising ideas, hosting webinars to promote the research you’re doing to tackle your charitable mission and receive BIA member benefits. Submit your application
New finance figures for the sector
We’ve published our latest data on funding for the sector and it's looking positive. Our data shows that the UK biotech sector has demonstrated increased investor interest and confidence over the last six months, marked by significant public financing and a notable rise in venture capital funding driven by several large deals.
Key findings:
- In venture capital funding, the second quarter of 2024 witnessed a 135% increase, raising £564 million compared to £240 million in Q1. This represents the highest quarterly funding since Q3 2021.
- The sector raised £731 million in Q2 2024 in public financing, evidence of a strong investment environment.
- Fifteen seed seals were completed, nearly matching the total for the entire 2023 (28 deals).
- Notable deals include: Pheon Therapeutics secured £94 million in Series B funding; Amber Therapeutics raised £79 million.
To see the full report, visit biotechfinancing.org
New website and communication abilities
Here at the BIA, we have used what was supposed to be quieter summer months to develop and launch our new website, designed to better serve our members with several exciting features:
- Membership Directory – a revamped directory to help you understand quicker what fellow members are focused on, as well as enhancing visibility and business connectivity. This includes new details like funding stage, technology type and region in addition to business type and therapeutic areas. Key contacts at BIA member companies can now log in to your website account and update their organisation's profile, including the company logo.
- Resources environment – enhanced with new tagging, filters, and search functionality to help you access curated content, reports, member news and the latest policy updates impacting our sector more efficiently.
- Member homepage – by sharing your interests with us, we can tailor our communications and content provided through our newsletters and website to better meet your needs.
- Sector events and opportunities, jobs board and news – a streamlined environment for easier sharing and access to sector events, job opportunities, and the latest news within the biotech and life science community.
We believe these updates will significantly improve your experience. We look forward to serving you better as the new environment beds in and seek your help and forbearance as we work through any bugs and wrinkles of the new system.
