Authors: Hampton Toole, Sonja Marjanovic, Teodora Chis, Jon Sussex, Daniela Rodriguez Rincon
RAND Europe is a not-for-profit, independent research organisation based in Cambridge. Our mission is to help improve policy and decision making through research and analysis. We have an extensive portfolio of research relevant to the mechanisms required to support UK science and technology research and innovation, and the challenges that the sector faces. Our past research includes work for the Wellcome Trust on the role of research and innovation in the NHS,1 an evaluation of the UK Industrial Strategy Challenge Fund (ISCF),2 an evaluation of the UK Strength in Places Fund (SIPF),3 and research on emerging technologies such as quantum technologies.4,5
The below submission addresses the Science and Technology Committee’s questions on scaling UK science and technology, strategic priorities for UK science and technology, and financing investment in UK science and technology. Our submission contains the following findings and recommendations:
Findings:
Recommendations:
Access to finance: Improve innovators’ access to finance, including through improving the environment for venture and long-term growth capital and through public funds and collaborative programmes (e.g. through the ISCF and the SIPF)
Workforce: Support workforce development, including through upskilling, reskilling, and apprenticeships
Workforce: Create skills frameworks and anticipate future workforce demands using foresight approaches
Regulation: Simplify regulation to reduce administrative burden and support regulation that is responsive to innovation, while remaining safe and trustworthy
Regulation: In establishing regulation for novel and emerging technologies, consider international regulatory practice, remaining mindful that innovators can find it challenging and cumbersome to navigate diverse regulatory requirements in different jurisdictions
Demand signalling: Signal clear demands for innovation (i.e. clear specifications and requirements) using target product profiles, horizon scanning tools, and earmarked funding for innovation
Collaboration and partnerships: Support close communication and collaboration between the public, industry, and not-for-profit sectors and across countries to support innovation and translation, including supporting porous interfaces for labour mobility and skills exchange and drawing learnings from past and ongoing partnerships.
UK competitiveness: Increase public research investment to attract more private R&D spending
Key barriers
There are various institutional and system level barriers to translating advances in science and technology research into global companies that develop novel products, technologies, and services in the UK. These barriers include limited access to finance, a shortage of skilled labour, a lack of innovative regulation, and challenges in commissioning and procurement mechanisms.
Barrier 1: Access to finance - In the UK, as in some other parts of Europe, university spinouts and other small enterprises often struggle to access the growth capital needed to scale – whether to evolve from early-stage ventures into financially viable businesses, or to overcome the so-called “valley of death”6 or to expand into global companies. There is also difficulty in identifying exit opportunities, such as initial public offerings (IPOs), or mergers and acquisitions, which undermines investor confidence in UK-based companies. The limited availability of long-term growth capital in the UK (and the EU more broadly) is thus a key challenge. By contrast, venture capital and other funding opportunities are more readily accessible in the US and increasingly in the APAC region.
Barrier 2: Sufficient skilled labour - There are also challenges in developing skilled labour in key industries. In the quantum sector, for instance, while deep technical expertise often associated with PhD-level training is crucial, so is expertise in enabling technologies, relevant application fields (e.g. finance, life sciences), business, and law, among others.4 While this cross-disciplinary expertise is necessary, there are limited training pathways available to develop these bridges. High global demand for talent in areas like quantum4 or digital7 contributes to the gap in multidisciplinary skilled labour, as countries are competing for access to skilled individuals. For more details on the skilled labour gap in the quantum sector, see our response to question 1E.
Barrier 3: Regulation - Regulatory barriers can also discourage investment in, and the and growth of, UK companies. Innovators in highly regulated and capital-intensive sectors such as life sciences, health tech, energy, and advanced manufacturing, and dual-use technologies such as quantum and neurotechnology, face significant regulatory challenges when developing innovative products and technologies.8 A key issue is the difficulty of adapting regulatory frameworks to keep pace with rapid scientific and technological progress, including the convergence of technologies (e.g. medicine and AI, engineering and biology), in a way that balances quality and safety, while allowing for experimentation and avoiding undue bureaucracy.1 While the UK’s departure from the EU theoretically provides opportunities for more agile regulation compared to larger jurisdictions such as the EU or US, nimbler regulation has not materialised to date.1
Barrier 4: Procurement and commissioning mechanisms - A strong local market can help support revenue streams and scale-up for small firms, helping products to expand to international markets. However, uncertain pathways to commercialisation and procurement can hinder companies, especially small enterprises, from innovating and scaling-up in the UK. While the UK is in relative terms a smaller customer market than some other countries with larger consumer bases and less cost-sensitive economies, the NHS offers unique opportunities for attracting trials and testing innovations, although adoption challenges in the UK can accentuate other challenges to growth and scaling.1
Policy recommendations
Funding practices that reduce the risks of private sector investment can support the translation and commercialisation of basic research. RAND Europe research on the Strength in Places Fund (SIPF) shows that public research funding which encourages collaboration between industry and academia helps stimulate place-based innovation to create benefits for local UK economies.3 Similarly, our impact evaluation of the Industrial Strategy Challenge Fund (ISCF) found that the programme helped to de-risk and stimulate private sector investment, and that programmes such as these can create pathways for knowledge generation and innovation through investments in infrastructure and partnerships.2 Even so, access to growth capital is necessary but not sufficient to enable scale. To maximise the impact of such funds, they need to be designed in a way that reduces barriers to entry (e.g. burdensome applications, reviews, ongoing monitoring processes, incompatible policies), and address specific barriers to scale (e.g. access to networks, commercialisation skills training, legal support, and accelerator-type funding models).
Strategic actions to develop the workforce can support the scaling of emerging technologies and enterprises. The initiatives outlined above are essential to ensuring that innovators can scale in the UK, supported by access to finance and appropriate regulatory environments. In addition, the UK has the opportunity to strengthen its innovation workforce through several measures, including taking a patient, ‘whole-pipeline’ approach to skills development. This would account for a range of skills and competencies across the entire span of education, from early education that prepares the experts needed 10 years from now, to lifelong learning that enables professionals to transition into emerging fields.4 The UK should also acknowledge the diversity of skills required to create applications of and commercialise emerging technologies like quantum. It should also create accessible alternative training pathways like apprenticeship programmes, modular learning programmes, and upskilling and reskilling opportunities for existing experts; create common skills frameworks; and employ futures and foresight approaches to anticipate skills demand. 4,7
Supporting collaboration within the R&D ecosystem, including across industry, academia, and public service sectors can accelerate research translation and commercialisation. RAND Europe research on the global financial ecosystem for pharmaceutical R&D highlights the importance of a mobile and high-skilled workforce as a key enabler to research translation and innovation 9 The study also emphasises the importance of policy action to help enable porous interfaces between academia, industry and the healthcare service (the home of clinical entrepreneurs) to foster labour mobility, develop transferable skills across sectors and overcome cultural barriers to collaboration.9 This can involve learning from large and long-term strategic deals such as the Cancer Vaccine Launch Pad which build on UK research strengths and infrastructure while removing some of the disincentives to public-private collaboration (e.g. speeding up access to trials) to inform future public-private partnerships as well as international collaboration strategies.10
The R&D governance and regulatory system needs to become more streamlined and nimbler, particularly in health and life science research across the NHS. As it stands, unnecessary administrative costs and delays on researchers and innovators within these settings can reduce the attractiveness of the UK as a location for R&D. Beyond removing administrative barriers, regulation needs to adapt to emerging science and technology developments. A balance between safety, public trust and pro-innovation approaches is needed, drawing inspiration where possible from the international regulatory practices.1,8 This is a key message from innovators in the NHS and beyond, who note confusing and burdensome governance for research and regulation of innovation as a barrier to adoption and scale.
Better demand signalling by policymakers and payers could improve the alignment of research and innovation supply with areas of demand and signal willingness to pay. The UK government could signal concrete areas where innovation is needed through approaches like mission-oriented innovation funding, which can help policymakers articulate ambitious, but measurable goals. RAND Europe’s research highlights the value of tools like horizon scanning and target product profiles to help with better demand signalling about important innovation areas and to support innovators’ understanding of what research needs to accomplish.11 Enhancing knowledge and confidence in the system through such measures could boost UK R&D outputs and increase the chances of successful product uptake.1 This could potentially lend confidence in UK markets, especially when coupled with other policy levers, and help channel investments into research and innovation.
Challenge-based innovation funding models (like challenge prizes, funds, or hackathon-type events) have been used internationally and can support the translation of emerging technologies into real-world applications. By clearly defining a problem to be solved, funders can signal demand for a specific product or service, increasing innovator and investor confidence.12 Examples like the Ansari X Prize, which played an important role in sparking commercial space flight, provide an example of how this can happen.12 Challenge-based funding can provide both the incentives and the means for researchers to explore use cases for their technologies, increasing their likelihood of finding a market and commercialising. Several such programmes are being deployed to explore potential applications for quantum technologies – like Japan’s NEDO Challenge,13 a ¥200m challenge prize competition looking for use cases where quantum computing can help solve societal challenges, or the X Prize Quantum Applications,14 a $5M prize to generate quantum computing algorithms that can be used to address real-world challenges. Aligned with strong demand signalling (as referenced in our response to question 2) these initiatives help innovators understand where the greatest innovation needs lie.
When it comes to workforce development, there are opportunities to cross-pollinate learnings with EU-level skills standardisation and foresight efforts. Several experts view the European Competence Framework for Quantum Technologies has been perceived as a positive development., as it provides a taxonomy of quantum technology-related knowledge and skills that different stakeholders involved in skills development can use to coordinate and harmonise their activities.15 This type of mechanism can play an enabling role across the whole ecosystem. The EU’s Cedefop also plays an important role in coordinating workforce supply and demand monitoring across Member States.16 This includes innovative, foresight approaches to skills anticipation.17 Beyond Europe, Australia’s skills demand mapping can also provide relevant lessons in terms of communicating labour market intelligence.18,19
Capturing benefits from science and technology developed in the UK depends in part on collaboration between different policy spheres (e.g. life sciences industrial strategy and health policy) and in the pursuit of numerous benefits (e.g. in the case of health, benefits on patients and the NHS, benefits on the economy). Research suggests that NHS organisations with greater research activity (including participation in clinical trials) deliver higher quality, safer care, improve staff job satisfaction, enhance patients’ health outcomes and experience, and attract clinical trial revenue. Therefore, ensuring close collaboration between the NHS and life sciences and health tech innovators in research institutions and the private sector, and between industrial strategy and health policy, can help capture both health and economic benefits. More generally, investment in the life sciences sector and health research and innovation creates jobs and contributes billions of pounds per year to the UK economy. As cited in a recent RAND Europe’s report, in 2022, the life sciences sector contributed £36.9bn to the UK economy and supported 250,000 jobs.20 In 2024, commercial clinical trials supported 23,000 jobs.21 Ensuring UK public sector investment in science and technology is also important for attracting further downstream investment from the private sector, and a focus on longer-term growth capital could also help with enterprise presence and scaling.9
The innovation ecosystem needs to support efforts to sustain and scale these types of benefits. While health and life sciences research can deliver these benefits, there are challenges to doing so. Scaling up UK clinical trial activity remains a major weakness and includes long bureaucratic processes related to recruiting patients into clinical trials, access to data, arduous regulatory regimes and long, bureaucratic R&D governance approval processes. Lord O’Shaughnessy’s review on Commercial Clinical Trials estimated that the reduction in clinical trials has cost the NHS around £360 million in the past five years, showing significant opportunity costs for not investing in these core supports.22
A culture of multidisciplinary collaboration is key to translating emerging technologies in real-world applications, but this does not always materialise. RAND Europe research on the application of quantum computers and simulators in the life sciences finds that collaboration between quantum technical experts and life sciences experts is crucial to create applications.5 The study identified several challenges to this, including divergent terminology across research communities, disparate goals and perception of applications; and IP regimes that are not conducive to collaboration.5 This requires moving beyond disciplinary siloes and creating new models of collaboration. Bespoke programmes like the Royal Academy of Engineering's Frontiers Programme, which we evaluated, can create the levers for such collaboration.23,24
Our research found that fields like quantum technology face shortages of expertise. Deep technical skills as well as skills in enabling technologies, business, law, and application-specific areas like finance and life sciences are key challenge areas.4,5 While this skills gap is not unique to the UK, heightened global competition for talent4,7 risks worsening the brain drain problem in the UK. Brexit has further complicated the UK's ability to attract top researchers, with visa challenges and increased competition from other countries. For more insights on the impact of global dynamics on research and innovation, see our response to question 2.
Attracting and retaining research talent calls for long term and stable career pathways, which can be nurtured through mechanisms including longer term fellowships and porous labour markets that enable researchers to move between academia and industry. As global research conducted by RAND Europe, LEK and SiRM into the ecosystem for pharmaceutical R&D has shown, ensuring that the R&D labour force in industry (e.g. in pharma) is able to apply new scientific developments in R&D processes is also important for growing and scaling competitiveness of industry in a country.9
For broader insights on the need for skills capacity, please see our response to question 2.
The UK science and technology strategy should include investment in skills and workforce capacity, demand signalling, regulation, and data infrastructure. Consideration of changing global dynamics could also be considered in the strategy.
As discussed earlier, policy actions which better prioritise innovation ecosystem investments and give clear demand signals to innovators can support better strategic choices about optimal use of resources.25 For more details, see our response to question 1.
RAND Europe research also underscores the need for regulatory innovation if the UK is to keep pace with technological change. Forthcoming research on novel treatment paradigms (including novel biological treatments and health-tech) reflects widespread concerns that the UK’s regulation for emerging technologies places an excessive burden on innovators.25 Key stakeholders across research and industry have highlighted the need to more agile and informed regulatory regimes, sensitive to the rapid pace of technological change while prioritising safety of innovations.
Converting science and technology into marketable products requires investment in data infrastructure. Access to data, and public trust in its sharing, is key in many areas of health and life science innovation. RAND Europe’s forthcoming report on new biological and health tech paradigms argues that innovation-friendly data sharing and access must combine technical safeguards for privacy, proportionate regulation and effective public engagement.25 These data infrastructure measures can then support both innovation and its translation, as well as evaluations and assessments of impact.
Strategic partnerships and networks may also help the UK respond to changing global dynamics. Geopolitics and policies related to cooperation are likely to influence how the UK science and landscape evolves, including in terms of R&D investments, collaboration, and markets. Brexit has already impacted supply chains and regulatory practices in life sciences.26 Trade negotiations with the new US administration are likely to influence investment flows and partnerships. The changing geopolitical landscape may lead to collaboration ‘blocks’ emerging and the UK should carefully consider key strategic partnerships and networks.
While there are sectors that the UK could prioritise to create economic benefits, our research shows that picking ‘winners’ is less important than creating an innovation-conducive ecosystem. RAND Europe research discusses investment in seven key support mechanisms as essential for innovation ecosystems to enable health and life sciences innovations (in the case of our research) to thrive and offer the UK strategic advantages. This includes the workforce, physical infrastructure (e.g. for R&D and for manufacturing), linked data, R&D governance and regulatory landscape, improved funding and commissioning strategies, collaboration and coordination environments [see also our response to question 1 on porous interfaces between sectors] and patient/citizen engagement.1,25 The UK has many strengths to build on in areas including life sciences and healthcare research (e.g. genomic medicine, synthetic biology, some areas of regenerative medicine, digital health, robotic surgery, antimicrobial resistance),25 computing, food and energy sectors which are of importance to enable societal and economic benefits.1,27,28
As discussed earlier in this submission, improving the availability of venture capital and growth capital is key for the UK to be an attractive base for establishing and growing companies in knowledge intensive sectors. As highlighted in a new report from the OECD, it is also important to strengthen other economic incentives and opportunities such as tax incentives for innovation to attract investors and innovators to a region and retain them long term.29
As forthcoming RAND Europe research suggests,25 in some sectors, the UK has a strong scientific base and vibrant clusters (e.g. life sciences and health tech) but is seen as a particularly cost-sensitive system in terms of innovation adoption (e.g. the case with the NHS). Attracting international investment is likely to be driven by potential competitive advantages such as abilities to ensure excellent research and innovation staff, facilities and having an NHS that presents a unique opportunity for enhancing trial activity. However, reducing regulatory and R&D governance bureaucracy is needed to capitalise on these potential advantages more fully.
A strong and larger science base is a major pull. There is good evidence that increased publicly funded research in the UK stimulates increased commercial R&D, and that both generate exceptionally good returns for the UK economy. More government funded research can be expected to lead to more internationally footloose industry R&D locating in the UK. RAND Europe research30 shows that in the life sciences sector an increase in public research spending stimulates increased commercial R&D spending/activity within the UK. Specifically, our research finds that for medical research: “every additional £1 of public research expenditure is associated with an additional £0.83-£1.07 of private sector R&D spend in the UK.”30 This spillover effect implies a real annual rate of return to the UK economy from public biomedical and health research investment that is estimated to be in the range 15-18% per annum, which is greatly in excess of the returns to most investments.30 Hence, if the Government wishes to stimulate multinational technology companies to do more R&D in the UK – at least in the medical sector – increasing publicly-funded research would contribute to this. This investment would complement other support mechanisms as previously discussed, such as infrastructure, clusters for innovation, access to capital, and good regulation and governance for innovation, which can attract and retain multinational companies.
References
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29. R&D tax incentives continue to outpace other forms of government support for R&D in most countries [Internet]. 2025 [cited 2025 May 6]. Available from: https://www.oecd.org/en/data/insights/statistical-releases/2025/04/rd-tax-incentives-continue-to-outpace-other-forms-of-government-support-for-rd-in-most-countries.html
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