Research, experimental development on biotechnology revenue in the United Kingdom 2011-2023

Despite the uncertainties caused by Brexit, the UK government has backed life sciences as one of its star industries, as part of its recent industrial strategy. In fact, Biotech has been one of focus areas for the UK for many years now, with the country assuming the number 1 spot in terms of Biotech R&D spending in Europe, even in 2013. Therefore, it is no surprise that annual investment in the sector crossed the 2 billion pounds mark in 2018, with three new companies incorporated every working day during the first two months of 2019. Overall industry revenues which increased at a modest pace during 2011-2016, are expected to witness robust growth during the period 2017-2023, increasing from 1.4 billion U.S. dollars to over 2 billion U.S. dollars.

Most of the companies are in London, Oxford and Cambridge

The total number of companies engaged in biotech research & development in the country increased from 565 in 2013 to 1,030 in 2018. Most of these companies are situation in either London, Oxford or Cambridge. According to a study conducted by investment manager Downing LLP, London is home to nearly 25% of these companies, with Cambridge having 7.5% and Oxford 2.3%.

Research, experimental development on biotechnology revenue in the United Kingdom from 2011 to 2023

Revenue in million U.S. Dollars
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Sources

Supplementary notes

* Estimate - This also applies for past years as data provided by statistical institutions often is not available for more recent years.

Currency conversion factor: (GBP -> USD) = 1.338

The industry classification is based on the NACE Rev.2 - system in the United Kingdom. The industry “research and experimental development on biotechnology“ has the code “M7211“.

Details on the methodology can be found here.

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