Presented by Jeremy Skinner, GLA Senior Manager - Growth & Enterprise.
7.5 Officers outlined the proposal to establish a ‘MedCity’ which would coordinate and lead the global promotion of London’s (and the Greater South East) life sciences sector, attract inward investment and make the UK’s scientists and knowledge base the most accessible in the world.
7.6 Members were asked to consider the proposal in principle and if agreed, detailed objectives, governance and funding arrangements etc. would be developed for approval by the GLA’s Investment & Performance Board (IPB) and the Mayor.
7.7 Members were very supportive of the initiative on the basis that:
· Options for embedding MedCity into an existing Institute (e.g. The Francis Crick Institute) were explored to avoid unnecessary overheads
· Specific objectives were made clear, including a clear understanding of the route to market and how this will address current gaps in the market
· The proposals take into account the regulatory environment
7.8 There was agreement that the involvement of Wellcome Trust would be vital to the success of the project, and it was important to have a dedicated PR team to promote success stories.
7.9 The Chair advised Members that Johnson & Johnson Innovation were hosting a roundtable on the future of Biotech Industry in London and the Med City concept on Thursday 13 June 2013 and extended the invite to the Working Group Members.
7.10 Members were also invited to provide any further feedback to GLA Officers and if deemed necessary, a dedicated session for Members would be set up.
That, subject to the feedback above, the proposal to establish a ‘MedCity’ be agreed in principle with the Working Group to be advised on progress as necessary.