| I was very pleased to accept the invitation to present the award for the London Biotechnology Network Entrepreneur of the Year. I had the pleasure of presenting this award at last year's event at the House of Commons and I am delighted to do so again.
I am also pleased that this year's event has been expanded to also include the Eastern Region Biotechnology Initiative and Oxfordshire Bioscience Network.
The DTI Clusters Study I led in 1999 recognised the importance of strong networks for the development of clusters and the three organisations here today I think are excellent examples of what can be achieved.
The support these networks provide, particularly for the start-up and early stage biotechnology companies, are vital to the continued development and success of biotech in their regions.
The three networks cover the three largest UK clusters, which have provided the powerhouse for biotech in the UK. The activity in these three clusters is largely responsible for the UK's position as leader in biotech in Europe and second only to the USA globally.
Today's event has been organised by the London Biotechnology Network and I would like to focus a little on their work. In 1999 when we did the Clusters Study there was, I think, a concern that London, where there is a tremendous concentration of bioscience activity with its world-class universities, medical schools, hospitals and medical research organisations, was not realising its full potential. A particular problem was the lack of space for biotech companies to form and grow. This is an area that the London Biotechnology Network with the London Development Agency have made their focus and I think have made some very significant advances in putting London firmly on the map as a world class biotech cluster.
For example there has been a 40% growth in the number of biotech companies over the last two years in London. The majority of which are spin-outs from universities. The London Biotechnology Network has also helped to identify and develop an impressive portfolio of sites in London for future incubators and grow-on space that will fuel the continued development of London as a world class centre for the biosciences. But there is however much more that needs to be done to make sure that biotechnology companies have the facilities not only to start up, but to continue to grow as they develop.
Work at the regional and local level is crucial to the growth of biotech in the UK but I also think Government has a vital role at the national level to play in creating the environment in which biotech companies can grow in London and across the UK.
Government has an important role to facilitate the transfer of public sector R&D into commercial exploitation. It does this through programmes such as the £15million LINK Applied Genomics programme that encourages industry/ academic collaboration. It does this also through the SMART scheme, support which is provided directly to small companies to develop innovative new products and services.
This support will continue as part of the DTI's £25 million Harnessing Genomics programme. This umbrella programme is providing flexible, simplified support for the development of UK biotechnology from R&D through to company formation. The DTI has also been involved in a number of activities. I have been working on the leading Cross-cutting Review, which looks at a whole range of issues to do with science, universities and research organisations. The results of this will be announced in the next few weeks. Changes have also taken place in the DTI. A new Innovation Group has been set up and I will shortly be announcing the new Director General for Innovation, who has been recruited from outside DTI, from the high-tech industry.
Moving on to my main task today which is to present the London Biotechnology Network's Entrepreneur of the Year Award.
I think this is an excellent award as it recognises that essential link in the chain without which all the good work of the regional networks and government support would fall on stony ground – the entrepreneur.
I would like to pay tribute to someone who has shown vision and determination to relocate his company to central London and prosper in this move. He convinced investors that his company needed to be close to the main biotech research institutes in London and that it was the best location to do business. He has proved that a biotech company can successfully locate and thrive in Central London.
That company is Arrow Therapeutics, which is already making a significant contribution to anti-infective drug discovery. That person is Professor Ken Powell, the Chief Executive Officer of Arrow Therapeutics.
I therefore have great pleasure in presenting him with the London Biotechnology Network's Entrepreneur of the Year Award.
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