UK science expertise, backed by increased government funding,
has led to a thriving bioscience industry, distinguished by the
energy and creativity of its entrepreneurs." These words are not
mine but those of Lord David Sainsbury, the British government's
science and innovation minister. The facts more than confirm the
accuracy of Lord Sainsbury's assertion. The United Kingdom is
home to the largest biotechnology industry in the world outside
of the United States. The biotechnology market and related
industries are currently estimated at $13 billion and include
almost 300 dedicated biotechnology companies and more than 450
companies involved in bio-related activities. The British
government spends nearly $1 billion annually on bioscience
research, and charities such as the Wellcome Trust also provide
significant funding. The pharmaceutical sector spends more than
$2.7 billion per year on research and development (R&D), making
it the largest user of modern biotechnology. Furthermore, the UK
is characterized by