Pharma thumbs-up for government innovation centre
pharmafile | September 12, 2012 | News story | Research and Development, Sales and Marketing | ABPI, synthetic biology
The announcement of a new innovation and knowledge centre for synthetic biology has been welcomed by pharma groups.
The new centre is part of a new industrial strategy unveiled by business secretary Vince Cable.
Details are scant, but the idea of the centre is to help turn academic research into commercial products more quickly and UK companies can apply for funding from a £6.5 million competition launched next month.
Cable’s industrial strategy is intended to create long-term jobs, and follows recent government initiatives on translational research: last month its £180 million fund to help small businesses and academics come up with healthcare solutions made its first payouts.
The Medical Research Council and Technology Strategy Board’s Biomedical Catalyst fund was set up as part of the Strategy for Life Sciences launched by the prime minister last December.
But while giving the new innovation centre the thumbs-up, the BioIndustry Association (BIA) and ABPI warned that there are other areas which need attention.
BIA chief executive Steve Bates said the centre and the Biomedical Catalyst feasibility awards were a welcome commitment to early stage life science companies.
But he believes the sector would also benefit if the business secretary introduced Citizens’ Innovation Funds (CIFs) which would allow the general public to invest in UK innovation.
Cable said the size and scope of a new institution “to help companies invest in capital and drive their expansion” was still “under discussion”, but it could operate through alternative providers such as non-bank lenders.
But the BIA is convinced of the need for CIFs. “This scheme could raise £300 million per year to provide an additional source of much needed funding for innovative companies in the UK,” Bates said.
“Crowdsourcing finance initiatives should be introduced alongside new banks,” he continued. “The BIA believes that CIFs would unlock the patriotic potential of British savers to support innovative new businesses.”
BIA recently issued a report on CIFs and says their introduction would not only diversify the supply of finance but also help provide the long-term capital that innovative, high growth firms need.
Meanwhile Stephen Whitehead, chief executive of the ABPI, said of the synthetic biology centre: “This area of scientific research has potential application for the discovery and creation of new medicines.”
He added that projects like this and the ‘patent box’ are “genuinely valued” by pharma, but Whitehead warned: “It is also important that government doesn’t overlook other issues of fundamental importance – such as patients being able to access the most innovative medicines and treatments.”
The economic policy objectives underpinning Cable’s industrial strategy are set out in the Plan for Growth published in 2011’s Budget.
As well as talking about access to finance in his announcement at Imperial College London this week, Cable said the government will develop more strategic partnerships in industries such as life sciences.
Adam Hill
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