In the global race for life sciences supremacy, Britain is stumbling and falling behind. Once a frontrunner, the UK is now being outpaced by international rivals as a result of a self-inflicted wound: a domestic policy environment that is actively discouraging investment and innovation.
The UK’s loss of pace is evident in the actions of major global players. MSD has pulled out of the race entirely, scrapping its £1 billion UK research facility. Eli Lilly has paused at the starting line, putting its lab project on hold. Sanofi is running in the opposite direction, cutting its UK clinical trials by half and diverting future investment elsewhere.
The reason for this poor performance lies in the hurdles the UK has placed on its own track. These include a low-price regime for new medicines, a uniquely burdensome clawback tax on revenues, and chronic underfunding of the healthcare system. An internal government debate over strategy has left the UK without a clear game plan.
While the country still has a stable of world-class scientific “athletes” in its universities, the “stadium” or commercial infrastructure is in a state of disrepair. To get back in the race, the UK needs a radical new training regime, starting with a complete overhaul of its commercial and fiscal policies. Without it, the nation is destined for the sidelines.