A Defining Opportunity For Life Sciences

Earlier this month, Katalin Kariko and Drew Weissman were awarded the Nobel Prize in medicine for their research which led to the development of effective vaccines against COVID-19. This recognition was a major triumph for the rapidly growing field of ‘tech bio’, without which, neither Kariko or Weissman’s work would have been possible.

Not to be confused with biotech, ‘tech bio’ is the exciting new field focused on leveraging data and technology to improve, enhance, and accelerate life science processes. The platforms developed by those in the industry proved pivotal in helping to deliver COVID-19 vaccines in record time.

Boosted by the government brokering a deal for the UK to rejoin the EU’s research funding programme, Horizon Europe, it is clear that we are at a unique inflection point in the advancement of tech bio and the wider life sciences industry. The UK has a very real opportunity to take the lead but, however well-placed we are, there are a number of structural challenges that could yet stand in our way.

Outdated processes

For example, in spite of the significant progress made in how we collect, protect and utilise medical data, more rapid modernisation is needed. Opportunities to become an international leader in this field risk being squandered without a clear strategy on how health data can be collected and shared more effectively and securely. As it stands, our processes are far too bureaucratic and systems too vulnerable. At best, we stand to limit tech bio businesses looking to take advantage of health data. At worst, we undermine the trust of the public who provide much of the data.

It’s a situation not helped by stories of failing IT in our healthcare system. Only weeks ago, a hospital trust revealed that its computer system ‘lost’ 24,000 confidential letters from senior doctors to patients. This is just the latest in a long line of stories about our national healthcare system’s struggles with everything from patient databases and cybersecurity to basic IT functions.

If we can address the deficiencies in such data infrastructure, and open the door to tech bio, we stand to open up significant benefits for both our healthcare system, and for those working in all-important healthcare R&D. Without action being taken, we run the risk of pharma and life sciences businesses losing trust and confidence in the NHS as a place to trial novel treatments – despite its many strengths.

Concerns for investment landscape

There is also a need to ensure that tech bio businesses are getting the right investment and guidance to dovetail with innovative R&D. Naturally, there is a perceived affinity between tech bio firms and VCs and funds that we might broadly term as ‘tech investors’.

However, tech bio requires a more specialist approach – particularly given the complexities of securing contracts with healthcare providers and biopharma companies that operate in a heavily regulated environment. That is not to rule out the influence of tech investors bridging the gap to the life sciences industry. However, more education is needed to ensure that they better understand both the opportunities and pitfalls of investing in the sector through tech bio and don’t lose patience with genuinely innovative businesses.

On a related note, I have previously used this column to discuss the need for more investment in our innovation and knowledge economy from major institutional investors – particularly pension funds. The paucity of institutional interest has hamstrung growth for too long. With this in mind, it has been extremely encouraging that the Greater Manchester Pension Fund, the UK’s largest local authority pension fund, recently invested £150m into my employer, Bruntwood SciTech, as part of a half a billion pounds overall investment alongside Bruntwood and Legal & General. This new capital will see long-term, patient capital deployed into the growing domestic innovation sector, supporting the UK in its goal to become a global science superpower. I’m optimistic that this will be a trailblazing deal and that it will encourage other funds into the sector now that we are back in Horizon.

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