Last month, I attended the “Breakfast with the BIA” in Stevenage (A fantastic event for anyone hoping to gain contacts and insights into our industry). The focus of the talk, led by BIA CEO Steve Bates, was that of changes to tax credits that had arisen from the recent budget announcement. It was discussed how companies can enjoy 32p from every £1 spent on research and development (up from 25p/£1). Representing the government’s opinion on the importance of early stage investment.
This was only mirrored by the fact that each delegate was asked to rate their outlook on the industry as a whole, with the significant majority of attendees stating they were very positive about the future of life science in the UK.
Another interesting insight to come out of the BIA breakfast was the concept of “Easy Access IP.” A clever idea to provide a fast-track route for the transfer of knowledge and expertise from universities to industry, so that it can be developed for the benefit of the economy and society. In return, universities under the scheme are able to establish long-term relationships with commercial partners, and companies receive royalties for products.
In my opinion, this represents the faith in our industry to produce products and medicines to see the UK remain a front-runner in global life sciences.
– Dan Haggett, Resourcing Business Partner – Commercial