CEO Update - 14 October 2024

Today marks a pivotal moment for our Association as a key strategic objective has been realised: the new government has placed growth at the centre of its agenda, with life sciences positioned as a cornerstone of that plan.

The government's International Investment Summit today saw life sciences referenced in all major speeches. It was clear that life sciences are integral to the nation's economic future. Notable highlights include the substantial investment from Eli Lilly and the panel chaired by GSK’s Emma Warmsley, focusing on the transformative potential of AI.

Steve Bates OBE
CEO, BIA

Additionally, the launch of the Industrial Strategy Green Paper, with life sciences at its core, underscores the sector-based approach we've long advocated for. As the paper states, "Different sectors face different economic conditions and market failures, and hence different policy solutions." It's encouraging to see the government adopting a deliberate, targeted strategy to fuel growth by unlocking the potential of high-impact sectors like ours, while addressing the key barriers to success.

Key new appointments

Amidst the fast-paced change in the life sciences sector over the past few days, there are some important appointments to take note of. It has been announced that Clare Barclay, the head of Microsoft’s UK operations since 2020, will chair The Industrial Strategy Advisory Council, while Poppy Gustafsson OBE will be the new Investment Minister.

Essential insights from recent news

• Peter Kyle’s interview on BBC’s Today programme at 8:10am discussed the government’s approach to NHS innovation. This marks a bold stance from a Labour politician, fully supported by the Prime Minister, and signals a shift toward a new strategy for adopting innovation within the 10-year NHS plan.
• The British Growth Partnership was announced as a pathfinder initiative between the British Business Bank and institutional investors. Establishing the British Business Bank’s £ 7.9 billion commercial programme on a permanent foundation is a pivotal move, aligning with the government’s goal to increase UK pension fund investments in domestic growth assets, as outlined in the Pensions Investment Review. Louis Taylor has also provided his insights in a blog post.
• The formation of the Regulatory Innovation Office within DSIT is a crucial development, designed to help regulators collaborate on emerging technologies—strengthening the UK’s competitive edge in a sustainable way.

In the coming days, we will carefully digest the latest developments and strategically plan our engagement with these new agendas and initiatives. Our efforts will begin with the Life Sciences Council next week, followed by key interactions leading up to the Budget on 30 October and further at BIA Parliament Day in November. These touchpoints will help us navigate and influence the evolving landscape effectively.

Over 300 people coming to our TechBio UK conference

Make sure to join us this coming Wednesday 16 October at King’s Place in London for our annual TechBio UK conference, featuring keynote speakers Ramesh Durvasula, Senior Vice President of Eli Lilly, and Sergei Yakneen, Chief Technology Officer at Isomorphic Labs. TechBio UK is a dynamic platform, with cutting-edge workshops and in-depth discussions with expert panels on genomics, engineering biology, data and AI.

This year’s event will feature innovation showcases that highlight the achievements of pioneering companies shaping the future of life sciences. A number of companies, such as Aparito, recently acquired by Eli Lilly, Isomorphic Labs and OutSee, really exemplify the success of UK TechBio companies that are driving global drug development. An array of similar companies to these, at the vanguard of TechBio progress, will be able witnessed in action on the day.

Additionally, the conference will exclusively launch our latest TechBio report, providing in-depth insights and case studies that detail the current state of the sector. From AstraZeneca’s groundbreaking collaboration with Immunai on cancer drug trials to the growth of digital, decentralized clinical trials, the report will outline future opportunities while also further establishing the UK’s role as a global leader in life sciences.

Demis Hassabis and David Baker, both co-founders of BIA member companies, win the Nobel prize

I was thrilled to learn that Demis Hassabis and David Baker have been awarded this year's Nobel Prize in Chemistry. Their groundbreaking achievement in deciphering protein structures—a task once deemed impossible—highlights the remarkable talent within our member organisations at the BIA. This recognition not only celebrates their individual brilliance but also underscores the importance of innovation in our field. It is a proud moment for all of us, as it illustrates the pioneering research and development that continues to thrive in our community.

British Patient Capital invests into Purespring Therapeutics as part of £80 million Series B financing round

I was excited to see British Patient Capital's investment in BIA member Purespring Therapeutics as part of an £80 million Series B financing round. This investment supports Purespring's gene therapy platform, which is the first to effectively target podocytes—specialised cells associated with 60% of kidney diseases. I hope this investment helps to unlock new means of treating a wide variety of kidney conditions.

Takeaways from US Biotech Webinar

I thoroughly enjoyed our webinar on Tuesday, where we discussed how events in the US could impact the UK biotech space. The discussion mostly centred around the impact of the Inflation Reduction Act (IRA) and BIOSECURE. It appears that the IRA is having a lesser effect than initially anticipated, and it's challenging to determine whether the lack of asset development is due to the IRA itself. Meanwhile, BIOSECURE is currently in the Senate and seems less certain than it did earlier this year. Its predominant impact thus far has been in creating uncertainty within the industry. Both topics are crucial to monitor as they evolve, and we will continue to update you as matters develop.

Board elections AGM

Please remember that your vote must be submitted to the BIA by 5 PM on October 18. The election for candidates seeking positions on the BIA Board will be open prior to the virtual AGM, which is scheduled for Tuesday, 22 October, from 4:30-5.30 pm. To view the candidates, read their statements, and cast your company’s vote, please follow this link.