It increasingly appears that the UK is engaging in a great British sell-off of its scientific future. Through a combination of neglect and hostile policies, the government is effectively cashing out the long-term value of its life sciences crown for short-term fiscal savings, with devastating consequences for the industry.
The “for sale” signs are clear. MSD has already been sold off, with its £1 billion research hub canceled. Eli Lilly’s lab project has been put on the auction block, with no buyers in sight. Sanofi is liquidating its UK assets, reducing its clinical trials and ceasing all new capital investment. The crown jewels are being dismantled one by one.
This sell-off is being driven by a valuation model that the industry cannot accept. Low prices for innovative medicines, coupled with a high clawback tax, mean that the UK market is no longer seen as a profitable long-term investment. The government’s own internal disagreements, particularly the Treasury’s focus on cost-containment, have accelerated the process.
While the UK still holds the title deeds to world-class academic institutions, the commercial property around them is being devalued and sold off. To stop this great British sell-off, a radical new investment strategy is needed from the government. Without it, the nation will be left with a devalued asset and a legacy of squandered potential.