Latest news with #UKResearch&Innovation
Times
21-04-2025
- Business
- Times
Donald Trump's threats to US science are an opportunity for the UK
Donald Trump's aim may be to make America great again but his actions are making some great opportunities for America's rivals. One of the most interesting for the UK is his assault on America's world-leading biotechnology industry. It is hard to overstate the panic that has gripped American science in the last few weeks. Federal funding is being slashed, partly as a weapon Trump can use to bully America's elite universities. Critics say it also reflects a prejudice within the Trump camp against publicly-funded science and, some suggest, science itself. Whatever the motivation, thousands of jobs are under threat and some scientists are already heading overseas. American science is 'in crisis' according to Sir John Kingman, chairman of Legal & General and former chairman of UK Research & Innovation, which oversees government science funding. 'We are likely imminently to witness the greatest migration in scientific talent the world has ever seen, probably larger than that from 1930s Germany,' he wrote recently on Substack. The funding cuts are adding to the challenges already facing America's biotechnology industry. After a post-pandemic boom, the sector was hit by higher interest rates and sagging company valuations which choked off the flow of venture capital funding. Now it is facing a threat to its lifeblood, the regulatory approval of new products. The Trump administration has announced plans to cut 3,500 jobs, or nearly a fifth of the workforce, at the US Food and Drug Administration, the industry regulator. Some senior FDA officials have already quit in protest at the appointment of vaccine-sceptic Robert F Kennedy Jr as health secretary. The industry is worried that a hollowed-out FDA will be unable to maintain the pace of new product approval. Indeed, that may be the aim. This will be a particular problem for the US industry, though getting a drug approved for the massive US market is critical for most biotech companies so the FDA will be an issue wherever firms are based. The US biotech industry is also concerned about the impact of Trump's proposed tariffs on pharmaceuticals. Many US biotech companies use overseas manufacturers and would struggle to find quick domestic replacements at the same cost, if at all. According to one adviser to US biotech companies, tariffs are the final straw for start-ups trying to raise funding. The uncertainty over tariffs means it is 'virtually impossible to raise money for anything at the moment', he says. Firms are laying off staff to stay afloat. The result should be opportunities for overseas companies and investors to pick up products and talent at attractive prices. A third of quoted US biotech companies are now trading at or below the amount of cash they have in the bank, according to brokers Jefferies. All this could also encourage US investors to divert more money into the UK, says Martin Turner, director of policy at the UK BioIndustry Association. The UK is the biggest biotech hub outside the US and investment has held up well in the recent venture capital downturn. But compared with the US, biotech has still been attracting less investment in the UK than other sectors such as fintech. Kingman says the government needs to act swiftly to capitalise on the opportunity. Money needs to be reallocated within the existing science budget to lure top talent and the home secretary, Yvette Cooper, should be 'standing at Heathrow offering out a welcome mat and generous visas', he says. Other countries such as Singapore are also focused on the opportunity and are moving more quickly. Life sciences is one of the key growth sectors identified for support under the government's industrial strategy. The government is right to be working hard to head off the threat of US tariffs on pharmaceuticals. But ministers should be paying as much attention to the opportunities presented by Trump as the threats. They are surely more important to the future prosperity of the UK than saving British Steel.
Yahoo
25-03-2025
- Business
- Yahoo
UKFT Drops Supply Chain Responsibility Report
The UK Fashion and Textile Association (UKFT) has rallied the troops to strengthen the United Kingdom's social and compliance efforts as the UK works to boost domestic production and encourage responsible reshoring. Produced by UKFT with support from UK Research & Innovation (UKRI) and the Circular Fashion Innovation Network (CFIN), the responsible supply chain report is informed by workshops with brands and retailers, textile and garment manufacturers, and social and ethical compliance experts. More from Sourcing Journal FedEx Cuts 2025 Guidance Again in Warning Sign for US Economy ThredUp's Resale Report Shows How Tariffs and AI Could Impact Secondhand This Year Circ Raises $25M in Oversubscribed Round led by Taranis The resulting 'Responsible UK Fashion and Textile Supply Chains' report represents a 'vital step' in the UK fashion and textile ecosystem's reshoring efforts, per the UKFT, compiling solutions and recommendations of relevance as required for UK manufacturing to 'thrive' in both innovation and responsibility. 'By identifying key opportunities and practical solutions, we aim to create positive change that benefits manufacturers, brands and retailers alike,' Adam Mansell, UKFT's CEO, said in the report. 'As global supply chains undergo rapid changes, regulatory requirements grow and businesses aim for ambitious sustainability goals, the opportunities for UK fashion and textile manufacturing have never been greater.' Those opportunities lie in the industry's shortcomings, such as increased fragmentation, lack of standardized commercial knowledge and inaccessibility to information or platforms relevant to both buyers and manufacturers. For instance, the UKFT's 2023 sustainability survey alleged that 70 percent of UK-based manufacturers want to learn more about ethical compliance—and retailers agreed, noting the missing support and guidance manufacturers need to understand and implement regulations. 'Through extensive consultations with stakeholders across the UK fashion and textile supply chain, we have gathered valuable insights to help the industry improve social and ethical compliance practices in UK manufacturing which are outlined in this report,' Mansell said. 'This understanding is key to increasing domestic manufacturing capacity that can meet the evolving needs of the retail market, unlock new opportunities and address the unique challenges faced by UK manufacturers.' On the topic of that extensive stakeholder input, the report outlines opportunities across five domains: legislation and policy, training and education, tools and systems, incentives and funding, and demystifying standards. The idea, per the UKFT, is that its experience-shaped recommendations, 'building on its commitment to ethical and sustainable practices,' will help position the UK as a leader in responsible manufacturing. 'The benefits of domestic sourcing are clear: greater responsiveness, flexibility, a smaller carbon footprint and improved visibility into manufacturing environments,' Mansell said. 'By addressing the social and ethical compliance landscape, we can fully unlock these opportunities and drive positive growth for the manufacturing industry here in the UK.' The report was produced through the CFIN: an industry-led program led by the UK Fashion and Textile Association and the British Fashion Council in partnership with UK Research and Innovation. It, therefore, falls under the network's sustainable manufacturing pillar, which was established to support the industry in reducing the environmental impact (see: waste) from the UK's production processes. 'We know that brands and retailers are increasingly looking into local manufacturing solutions,' Mansell said. 'And UK manufacturers are exploring ways to expand production and increase capacity.'
