In the UK's quest to become a science and technology superpower by 2030, the capital is leading the charge with a “quickly growing life sciences industry that is rapidly outstripping European competitor cities, and ready to compete with US hubs”. So reads the executive summary of MedCity's London Lab Showcase report, published just a few days ago.
Of course, there is much more to the UK's life science offering than just London, but here are some convincing reasons for loving the capital (whether or not you're a Londoner):
- The fastest growing sectors within life sciences in London include:
- Digital health: there is combined value of MedTech companies in London in excess of $2.5bn
- Advance therapies: London is home to some of the most advanced therapy companies in Europe
- AI in healthcare: there are more AI focused life sciences companies in London than anywhere else in the world
- London has received more venture funding into its life sciences companies than any other European city, raising more than Oxford and Cambridge combined, and more than Paris, Amsterdam and Berlin (combined).
- London is home to 3 of the global top 15 universities for life sciences, including Imperial (ranked #1 in Europe and #2 globally).
- Life sciences spin outs and start up companies are founded at a rate of 90 per year in London.
There were also some interesting findings about what features are considered most important by occupiers when choosing lab locations, ranking them as follows: (1) how R&D intensive the surrounding area is; (2) the proximity of a university; (3) the proximity of transport connections; (4) the proximity of a hospital; and (5) the general business district.
Also, the changing provision of lab facilities and amenities was considered. There is expected to be:
- a shift towards an increased proportion of dry labs, and additional amenities such as autoclaves, bookable lab space, lab managers and shared lab equipment;
- a slight decrease in hot desks, bookable meeting rooms, communal areas and lab-enabled spaces;
- a trend to increase provision of shared research facilities and fully equipped labs.
An overall excellent report with some insightful data sets and case studies, including from Reef Group's Tribeca London in the Knowledge Quarter, ARC West London in the White City Innovation District, British Land's Regent's Place and Triton Square developments, Pioneer Group's Victoria House in Bloomsbury Square, and Mitsui Fudosan/Stanhope's extension of the British Library.
Download the report here:
"a quickly growing life sciences industry that is rapidly outstripping European competitor cities, and ready to compete with US hubs"
https://medcityhq.com/resource/london-lab-showcase-report-2024/