Makeover Mandated for U.K. Life Science Sector - GEN

Summary:
UK Trade and Investment (UKTI) believes that the UK biotech industry’s recent battering by the press gave a very one-sided view of the true international potential of the country’s life science sector. Not only is the UK second to the U.S. in terms of biotech industry size but it leads Europe with its pharmaceutical exports. But the U.K. has been slow in publicizing its strengths. Therefore, the UKTI was charged by the government with marketing the U.K.’s life sciences internationally. The result was the UK Life Science Marketing Strategy which was drafted earlier this year. Workstreams aim to optimize how U.K. academia and industry sells itself internationally, in terms of comprehensive and consistent messaging, financing (using marketing to increase the amount of international VC funding in the U.K.), and also how best to communicate with potential partners and investors in key countries. A tool kit has been developed that will allow any UK life science company to access and take the most relevant messages with them in terms of UK innovation, support industry, tax incentives, and academic background. UKTI and the Strategy Implementation Board hope that executing and further developing the U.K. life science market over the next five years will significantly boost the country’s standing within the international arena, increase inward investments, business, and collaborations, as well as make the U.K. industry a more cohesive force. (Published: 01/09/2008)