The biotechnology market - United Kingdom

Biotech has been defined by the OECD as «the application of science and technology to living organismsas well as parts, products and models thereof, to alter living or non-living materials for the production of knowledge, goods and services ». Biotechnology is obviously very much in demand for the health industry, but it can be used in many fields. The global biotech market is expected to continue growing at rapid pace going forward amid higher rates of chronic diseases, together with an increase in innovative technologies in biotechnology sector and growing demand for bio-agriculture products. North America accounts for the largest market share, followed by Europe and Asia Pacific. Biotech in the UK is maintaining a strong position; in 2019, the market raised £1.3 billion which is the third largest amount ever. Moreover, capital (investors) are more diversified and growth is also fueled by the government implementing measures which enhance scientific development. [bioindustry] In the UK, M&A activity in 2019 was relatively low, with two major deals only. In general, the industry is fragmented with no clear giant. Finally, in light of COVID-19, biotech comapnies are at the forefront of developing a vaccine.