Today the BIA has published a report highlighting the early success of the Biomedical Catalyst and providing new insights and a ‘how to’ guide to help inform companies who wish to make a future application. We did this in association with Bionow, BioPartner, OBN and One Nucleus, and with support from Pinsent Masons and Neusentis, a R&D division of Pfizer.
Additionally, the Technology Strategy Board has announced the next round of award recipients for the Biomedical Catalyst and has awarded £47.2 million to 51 recipients.
In little over a year the Biomedical Catalyst has already proven to be this government’s most effective UK biotech initiative. By successfully unlocking and leveraging additional private sector investment the Biomedical Catalyst is helping biotech companies do more research and grow faster in what is a strategically vital sector for the UK economy.
The report showcases some of the companies delivering the exciting projects the Biomedical Catalyst is enabling. UK biotech firms are often young, small and privately owned, so for those not directly involved it can be difficult to see the quality and variety of excellent businesses we have in the country. I hope the report gives an insight into some of the companies and people involved in our sector. To encourage others to apply the CEOs profiled have provided their ‘top tip’ for others.
BIA member companies have told me that engaging with government led schemes can be complicated and time consuming. That’s why much of the report focuses on a ‘how to’ section that de-mystifies the scheme and encourages others to participate.
Why has this scheme proved so successful? It boils down to a short and straightforward process, a speedy response and decision on the application and expert scrutiny that is seen as de-risking the project and driving investor interest.
The Biomedical Catalyst is a significant and successful policy intervention that I’d encourage biotech companies to apply for. It’s a demonstrable way of showing the public and private sectors working together in the UK and is a key part of the supportive ecosystem. Along with an enabling fiscal regime with policies such as R&D tax credits and the Patent Box, it is a key initiative tackling the so called ‘valley of death’.