Following Jeremy Hunt’s 2023 budget delivered earlier this month, in which he paved the way for faster access to new drugs and revealed R&D tax credits for life sciences companies, Bloomberg looked at the many challenges still facing the UK’s life sciences sector.
Despite the success of the Oxford Covid-19 vaccine, the UK is still catching up after years of stagnant R&D investment. Maina Bhaman, partner at our client, Sofinnova Partners, was among commentators discussing the public market’s poor appetite for life sciences investment and how Britain’s higher living costs and lower salaries are making it hard to attract and retain overseas talent, while cautious investors are limiting commercialisation prospects. A beleaguered NHS is not helping either.
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