The Times | GSK puts its faith in London biotech firm with $300m deal

The UK is poised to lead a new industrial revolution at the intersection of artificial intelligence and biology. Techbio is transforming drug discovery and redefining human health, with London’s Knowledge Quarter at its heart. Yet without swift government action, this opportunity will slip away (FT View, June 2).

Despite promising initiatives like the Mansion House Compact, UK pension funds have yet to invest a single penny in life sciences venture capital. Foreign investors fund Britain’s brightest biotech firms — only for them to scale abroad. We risk fostering innovation while losing its economic rewards.

HM government must act. It should: mandate pension funds to invest in
UK science and technology venture funds specifically; disclose and benchmark fund allocations for transparency; increase funding for the British Business Bank, the department of UK Research & Innovation and Innovate UK to sustain long-term investment.

Immigration barriers also stifle growth. High visa costs and outdated policies deter global talent. To compete with Boston and Paris, we must welcome innovators.

As London Tech Week begins, the government must do more than talk and help the UK get out of its own way for the sake of innovation.

David Roblin
Chief Executive, Relation Therapeutics, London NW1, UK