With world-class research, an outstanding scientific base, regulatory support, flexible economy and skilled workforce, it is no surprise that many of the world’s most successful biotechnology companies have chosen the United Kingdom (UK) to launch or expand their business. The UK, known as Europe’s regulatory biotechnology capital, has the largest biotech industry in Europe and second worldwide only to that of the US.
The UK is Europe’s most mature biotech sector and has 17% of European biotech and 40% of all European public biotech companies. Approximately 21,830 people are employed in the biotechnology sector and 65,000 people, a quarter of them graduates, in the pharmaceutical industry with about another 250,000 people employed in related industries.
In 2005, the rheumatoid arthritis drug Humira was the first UK biotech drug to achieve blockbuster status (sales of over $1bn in a calendar year). It was co-developed by Cambridge Antibody Technology (UK) and Abbott (US), based on UK technology. Up to 30 new biotech drugs currently being developed by UK companies could be approved by 2012. The UK has 40% of the total number of European biotech drugs in the clinical trials pipeline. This includes 43% of those in late stage (phase 3) clinical trials. In 2005, The UK raised just over $1bn of equity investment for biotechnology and was involved in 28 merger and acquisition deals with other companies.
London is one of the few truly global centers of international finance and Europe’s largest. The UK also has an active investment community, and is Europe’s largest venture capital sector, with a significant number of VC companies specializing in biotechnology. The research-based pharmaceutical industry is a dynamic performer, and of key importance to the UK economy. The pharmaceutical industry is the largest investor in R&D in the UK accounting for around 25% of total investment by business, valued at $6.4bn in 2004.
The industry accounts for around 0.6% of UK GDP, and generates UK's third biggest trade surplus. UK is one of the world’s largest exporters of pharmaceuticals by value. In 2005, exports and the trade surplus totaled $21.96bn and $6.12bn respectively. The sector is a key high-value, innovation-driven knowledge sector in which UK companies GlaxoSmithKline & AstraZeneca have achieved significant global success as creators of wealth and providers of health through exploitation of the UK science base. The UK is regarded as an excellent business and R&D base by global pharma companies such as Pfizer, Lilly, Merck, Novartis, sanofi-aventis and Astellas which have invested substantially in discovery, development and manufacturing operations.
Between 1997 and 2007 government spending on basic science has more than doubled to $6.8bn a year. With a deregulated dynamic economy, skilled and adaptable workforce, world class R&D and an attractive tax regime, the UK business environment offers every opportunity for companies to thrive. The UK Government has increased annual spending on scientific research by 45 percent since 2002/2003. In cash terms, by 2007/08 the Government Science Budget will rise to $6.5bn.
The UK holds a 36.5% share of all US investment in the EU. This is as much as Germany, France, the Netherlands and the Republic of Ireland combined. The UK National Health Service (NHS) is one of the world’s largest purchasers of medicines. The UK Government, in partnership with the Wellcome Trust, has committed $1.5bn per year for the renewal and modernization of the UK Science base.
Genesis 2007 at QEII Conference Centre, London, UK.
Event date: 13 December 2007; www.londonbiotechnology.co.uk
15th Annual BioPartnering Europe at QEII Conference Centre, London, UK
Event Date: 7 -9 October 2007; www.techvision.com/bpe
UK Trade & Investment Bio Business Exchange at DTI Conference Centre, London, UK
Event date: 11 October 2007; www.uktradeinvest.gov.uk
Event date: 27-29 June 2007; http://erbiconference.co.uk
UK Trade & Investment is the government organization that supports companies in the UK doing business internationally and overseas enterprises seeking to set up or expand in the UK.
Its role is to help companies realize their international business potential through knowledge transfer and on-going partnership support.To support its aim to "enhance the competitiveness of companies in the UK through overseas trade and investment; and attract a continuing high level of quality foreign direct investment," UK Trade& Investment offers services to:
For more information please access www.uktradeinvest.gov.uk and take the time to register and set up your profile to get unrestricted access to information on the potential of the UK’s Life Science sector, the UK Trade & Investment teams, network contacts and details of all UK Trade & Investment services.
Organization and Address:
UK Trade & Investment
The Business Centre, Station Road
Histon, Cambridge CB4 9LQ
Contact: Harriet Fear, Team Leader, LifeSciences Sector Team
Phone: +44 (0) 1223 484671
Fax: +44 (0) 1223 200853