United Arab Emirates-UK Health Pact Boosts Exports of Life Sciences Innovations
The UAE-UK partnership in life sciences investments, analysts say, is a sign of Britain’s commitment to maximize the export potential of talent and innovation in the sector.
Rodney Appiah, chairman of Cornerstone Partners, a UK angel network focused on start-up investments that support exceptional black and diverse founders, said venture capital was invested “north of $ 100 billion” in 2021 .
The money was specifically used for life sciences and healthcare, of which approximately $ 5 to 8 billion was pumped to the UK.
“It’s not just the private sector” as the UK government has “taken a position” by launching its strategic investment partnership with the UAE in the life sciences field, Appiah said.
“They launched their UK life sciences program in partnership with the UAE in March, which provided £ 800 million,” said Appiah.
The deal, valued at over £ 1 billion, included a £ 200 million fund commitment from the UK’s life sciences investment program.
“There is a real commitment to really maximizing innovation, which is clearly evident in the Golden Triangle – in London, Oxford and Cambridge – to see this as an important export of talent and innovation for the UK as a whole,” said Mr. Appia.
The expansion of the strategic investment partnership with the UAE came in September when Mubadala Investment Company added a further £ 9 billion to the £ 800 million pledged in March for the life sciences sector.
In July, the government unveiled its UK 10-year life sciences vision to build on the success of the country’s Covid-19 response and accelerate the delivery of innovative treatments to patients.
The strategy aims to address some of the biggest health problems the UK is currently facing, such as cancer and dementia.
The country is “indebted to the ingenuity of British life sciences and its pioneers, with the discovery of the Oxford-AstraZeneca vaccine and the seamless collaboration between our scientists, industry, regulators and the NHS who saved millions of lives during the pandemic have “said Prime Minister Boris Johnson said at the time of launch.
“So we’re presenting our new Life Sciences Vision to bottle the formula we developed to fight Covid and improve health outcomes for patients across the UK across the board, safeguarding jobs and investment in the process while we do better build up. ”
While the British life sciences industry having annual sales of 80 billion world.
Dr. Richard Torbee, Chairman of the Board of the Association of the British Pharmaceutical Industry, said he welcomed the life sciences strategy as it sets out how this sector can be expanded to all parts of the UK through the leveling-up agenda.
However, he cautioned that the vision needs to be implemented “at the pace” to ensure the UK stays ahead of other players in the market.
“Visions and strategies can only get us so far. What we have to do now is implement it quickly, because we are not the only country in the world that has a commercial or economic opportunity with the life science sector, ”he said.
“There is great international competition for this investment. So we have to move very quickly and really, at a great, long pace to really make sure that we are doing the right thing now. “
Mr. Appiah said investing in life sciences is “a trend that will not go away” as healthcare demand continues to rise.
Biotechnology is number one in attracting investment because of “the idea of harnessing the intersection of life sciences and technology to improve disease diagnosis,” he said.
“What is really interesting about Covid is that it really has drawn everyone’s attention to the fragility of human life and our reliance on robust, scalable health systems and the health sector’s response to meet this immense developmental challenge.” Vaccines were amazing, “he said.
As the world faces an increasingly aging population, “health care has a really crucial role to play,” he said.
“The need to increase home care… the idea of providing health care to patients in a more diagnostic manner, and reducing that kind of personal interaction through the use of technology – all of these are significant challenges that one seeks to approach, rather diagnostic , technology-driven environment where healthcare is central, ”he said. “And venture capital plays an important role in this.”
Updated November 28, 2021 at 4:00 a.m.