For Ros Deegan, the thrill of raising $100 million to expand a biotech firm among the dreaming spires of Oxford was soon tempered: unable to find a bigger laboratory, she routinely had to work at home
Not far away in the rival academic centre of Cambridge, biochemist Catherine Elton, persistently frustrated by similar real estate issues, taught herself how to turn old offices into labs to keep expanding her bioactive protein business.Property consultants Bidwells put demand for lab space in Cambridge at 1.19 million square feet - but only 7,000 sq ft are available. In Oxford, demand stands at 850,000 sq ft with just 25,000 ready to go.
At a time of rapid innovation, when the United States and the Europe Union are spending heavily to help businesses shift faster to newer technologies in the next wave of industrial transformation, they say that Britain risks falling behind. "I couldn't go to work because there just wasn't a place to sit. You'd end up in the kitchen," the chief executive said.Life sciences is meant to be one of Britain's most important sectors. Generating 94 billion pounds in 2021 and employing more than 280,000 people, it enables the government to boast Britain is on its way to becoming a "science superpower".
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