Mark Bustard, CEO of the Industrial Biotechnology Innovation Centre (IBioIC)

Following a landslide election win, Labour’s next steps could be crucial for the future of innovation, science and technology, all of which are key sectors for a greener economy.

With a new government in place, there comes an opportunity for fresh thinking to help high-growth companies to thrive. It is promising to see the appointment of Patrick Vallance as Minister for Science, Research and Innovation, underpinned by his extensive industry experience in medicine, life sciences and pharmaceuticals – as well as his role during the pandemic.

A refreshed industrial strategy, supporting economic growth and inward investment, is likely to be defined in the coming months, and given its role in the drive for sustainability, the bioeconomy should be a core focus. However, we cannot afford for new leaders to press pause on the progress made so far.

Last December, £2 billion was committed over 10 years as part of a National Vision for Engineering Biology, supporting the development and commercialisation of related technologies and the underlying science. Initiatives such as this should be accelerated, rather than shelved.

Indeed, further support for innovation would be a key driver of growth. Specialisms such as engineering biology – also known as synthetic biology, where organisms are enhanced or modified to produce novel functions that may not naturally occur – have the potential to transform traditional, unsustainable manufacturing routes for pharmaceuticals and chemicals, as well as applications in agriculture, food production and low-carbon fuels.

The UK has typically outperformed many of its international counterparts in terms of the research breakthroughs coming out of our universities, spinouts and startups. Yet, barriers remain when it comes to taking these ideas to a commercial scale.

The scale-up phase is crucial for any small business, but it is arguably more straightforward in other branches of technology. An AI or fintech business, for example, may be able to operate from anywhere with good connectivity and powerful computing equipment, whereas a life sciences startup will need specialist infrastructure to reach the point where it is ready to bring a product to market.

At the moment, we simply do not have adequate space in the UK to accommodate the volume of exciting companies looking to develop specialist biotechnology. Universities are at capacity and traditional office suites are unsuitable. Facilities that do have specialist laboratories and clean rooms are in higher demand than ever by businesses on the cusp of growth. Nearly all life science incubators around the UK and even more acutely in Scotland have waiting lists of several years.

If we address the current challenges, we can further unlock the growth potential of these early-stage companies. We already have a thriving bioeconomy – particularly in Scotland where we are on track to meet targets of £1.2 billion in turnover next year – with a great deal of support available to entrepreneurs at the initial stages of founding businesses. By enhancing our scale-up infrastructure, we can ensure companies have the resources they need locally to reach the next level, reducing the need to relocate overseas.

With intervention in the form of investment or policy from a new government, better access to facilities could be a significant catalyst for growth. The UK is already in an excellent position in terms of research, and now is an opportune time to double down on our efforts to translate that innovation into commercial reality.