BioIndustry Association Release: Valley of Death Report Highlights Funding Challenge for Innovative Companies
"I'm glad to see the Select Committee highlighted the issue of "bridging the valley of death" as a key challenge for innovative companies to the UK government.
"It's good to see this unanimous report supported by MPs from all sides of the House recognise the value of the Strategy for UK Life Sciences, the Biomedical Catalyst scheme and plans for an Early Access scheme for life science companies - all policies we have worked to deliver.
"We're glad the Committee recognised the issue that university technology transfer offices and businesses often have different perceptions of the value of IP, which we raised, and welcome the recommendation to assess the Easy Access IP experiment.
"We welcome the strong recommendations to ensure research hospitals have the funding they need to develop and deliver innovative solutions to patients.
"The BIA agrees with the Science and Technology Committee that government should ensure that sufficient 'patient capital' is available for growing innovative businesses. To this end, the BIA believes that the government should introduce Citizens' Innovation Fund (CIFs) to unlock the patriotic potential of the British public to support emerging innovative businesses which are essential for the jobs and growth vital to Britain's economic future."
For further information, please contact Robert Winder, Head of Communications, rwinder@bioindustry.org, 020 7630 2191; mobile 07825 942 934.
House of Commons Science and Technology Committee
The Bridging the valley of death: improving the commercialisation of research report is available:
http://www.publications.parliament.uk/pa/cm201213/cmselect/cmsctech/348/348vw.pdf
Citizens' Innovation Funds
http://www.bioindustry.org/policy-and-regulation/citizens-innovation-funds/
BioIndustry Association
Founded over 20 years ago at the infancy of biotechnology, the BioIndustry Association (BIA) is the trade association for innovative enterprises involved in UK bioscience. Members include emerging and more established bioscience companies; pharmaceutical companies; academic, research and philanthropic organisations; and service providers to the bioscience sector. The BIA represents the interests of its members to a broad section of stakeholders, from government and regulators to patient groups and the media. Our goal is to secure the UK's position as a global hub and as the best location for innovative research and commercialisation, enabling our world-leading research base to deliver healthcare solutions that can truly make a difference to people's lives. For further information, please go to www.bioindustry.org