The Mayor’s office has placed a bid to the London Enterprise Partnership for £1 million in seed money to create what it has described as a “golden triangle” in medical and life sciences research which will link the UK’s capital city with Oxford and Cambridge.
University College Hospital
Kit Malthouse, the Deputy Mayor of London, stated that the intention was to create a global brand which will draw investment into science.
Mr. Malthouse also went on to say that too often other countries have reaped the benefits of British discoveries because the UK lacks the infrastructure and the commercial investment for ideas to succeed.
The funding bid, which was submitted yesterday, proposes a new district based around Euston Road near University College Hospital and the Wellcome Trust, as well as the Francis Crick Institute, which is a medical research centre currently under construction.
This idea is a similar concept to that of Tech City in east London where more than 15,000 new companies registered in 2012.
Speaking to the Sunday Telegraph, Mr. Malthouse said; “Britain suffers a drain when it comes to science. We make discoveries but often scientists need to go abroad to expand or get the capital to exploit the potential.
“The critical thing at the centre of Tech City was the investment organisation, a small group of motivated people with a charismatic chief executive who enabled and built the cluster.”
He explained that this scheme aims to create links with academic institutions outside London and build a global brand that will attract investors.
He went on to say that both he and the Mayor wanted to be “political champions” for the science community and encourage collaboration between London and institutions in other locations.
Having scientists working on solutions together is the key to reaching breakthroughs more quickly, Mr. Malthouse pointed out.
The Mayor’s office is seeking investments from pharmaceutical companies. It is also looking to build on interest from venture capital. The office is interested in having medical and pharmaceutical firms in the UK to come in, as well as to encourage new companies to start up.
The Francis Crick Institute, which is due to open in St. Pancras, will be a key part of the new plans. It was named after one of the scientists responsible for discovering the DNA molecule.
Previous Post
Heatwave Melts Sales at John Lewis
