‘Veal crate UK’ loses best science companies

THE UK fails to create world class life sciences companies despite being responsible for major breakthroughs in science and innovation.

That is the view of Ellesmere Port MP Andrew Miller who chairs the Commons Select Committee on science and technology and launched yesterday’s BioCap conference in Manchester, which examined funding opportunities for the sector.

The event was organised by industry body Bionow and sponsored by Manchester Science Parks, law firm Weightmans and accountancy group Baker Tilly.

In his keynote address Mr Miller said: “We don’t seem to generate many companies that become global names and that’s the stage that brings profound benefits to the economy.

“Many smaller companies end up leaving the the UK and end up being bought up by foreign investors or companies and the growth associated goes on elsewhere.

“It’s been said the UK produces ‘veal crate companies’ – we produce good stock but don’t see the benefits of them maturing.”

Mr Miller said this was down to a lack of investors and customers and said Government procurement was a key step in helping these companies.