Mark Street-Docherty, CEO of Elucigene Diagnostics, explains why the UK’s Industrial Strategy is the shining light amongst the shambles of Brexit.
Life sciences
As refreshing as it would be to look past the obvious, there’s no avoiding it.
The one topic universally keeping the UK scientific community awake as we start 2019 in earnest is Brexit. Six months ago, a no-deal exit was a nightmarish prospect – if an unlikely one.
But with Theresa May’s deal rejected by parliament, we have to brace for the ever-increasing possibility of leaving the EU without one. The cabinet reportedly began contingency planning in mid-December.
Pragmatic UK-headquartered firms in the medical device and diagnostics industry were one step ahead of them.
Many companies have been looking at how quickly they could establish a European operation or authorised representation, to run alongside their domestic business, for some time now. For those which rely on self-declared CE Marking, as is the case for the majority of IVDs in the market – leaving without a deal may pose serious challenges to business continuity.
UK companies which depend entirely on Europe for trade, and have yet to establish themselves in further-flung markets like Canada and Australia, could find themselves in even choppier waters.
There’s precious little time to register new products through Notified Bodies with the dual rights which would ensure products could move freely onto the continent after 29th March.
If the government can reach an accord, even a less than perfect one, then this cliff edge scenario can hopefully be averted, with the UK able to operate under a transition period for at least two years.
But while the government’s approach to Brexit leaves something to be desired, quietly rumbling along in the background is the well-thought-out Industrial Strategy. It may be somewhat deprived of oxygen due political firefighting, but it’s still heading in the right direction.
Last month we received an update in the form of Life Science Sector Deal 2. News that Roche is to invest £20m over three years in a precision cancer research partnership with the Christie NHS Foundation Trust in Manchester is a huge vote of confidence for both the city and the UK. It further cements our growing reputation as an international destination of note for genomics and evidences the shift towards increasingly personalised oncology.
Other announcements in the deal were focused around facilitating the adoption of software and artificial intelligence. The increased integration of these technologies with traditional chemical and diagnostics pathways will be key as the year unfolds, and beyond.
Whitehall has laudable aspirations for the UK to become a global leader in these fields. Alongside rendering the country an attractive destination for global corporations and inward investment, they can also be part of the solution to the challenges facing the NHS.
Harnessing cutting-edge diagnostics, be they AI-driven, biomarker, or genetic, will enable the earlier diagnosis of disease including cancer, cardiovascular disease, inflammatory and neurological disorders. This positive move can be compounded by an increased use of companion diagnostics to ensure drugs are used judiciously and effectively.
The net result? Vastly improved patient outcomes and a more efficient use of the healthcare budget.
2019 will also see the acceleration of a trend that’s seen multiple life science sectors converge, with progressive firms within them collaborating far earlier in the research and development cycle than they traditionally have.
The triangular relationship between molecular diagnostics, pharma and contract research organisations is not an inherently new concept. But the drug and diagnostic development landscape is evolving. There’s a growing expectation that companion diagnostics will be developed alongside new drugs from day one, replacing the model of retro-fitting them to old treatments.
On the one hand this is driven by pharma companies. That drug discovery is a costly and long process is news to no one. Pharma firms of all sizes are now embracing that if use of their drugs can be guided by companion technologies, there’s a far greater chance of payer and market acceptance.
But demand-side factors also play a part. Healthcare providers and increasingly-informed patients rightly expect a standard of care that is worlds apart from the trial and error approach of yesterday’s medicine.
When innovative technology is enabling customers to have bespoke shopping, dining and leisure experiences, it should surprise no one that patients are becoming more discerning and demanding more from their healthcare treatment.
This shift shows no signs of slowing down. The growth in the precision and personalised medicine it is fuelling will continue to drive a robust market for entrepreneurial and resilient companies focused on the right areas, both in the year ahead, and beyond.