Some good news for the UK – it is emerging as a true world leader in biotech – and since biotech may well prove to be one of the core technologies to the great technological revolution that is underway – this may yet prove to be exactly what the UK’s doctor ordered.

Biotech: it is surely one the best examples of how technology is set to change the world. Biotech, is set to change healthcare, it is what doctors need to preserve lives and improve care of chronic diseases.

And now the UK is emerging as a true global heavyweight, finds a report from the UK BioIndustry Association (BIA).

The report finds that the UK has the strongest future drug development pipeline in Europe, and is closing the gap on Boston and San Francisco, currently the two leaders in biotech clusters in the world.

And in 2016, the year that many describe as horrible, UK based biotech firms raised no less than £1.13 billion. Breaking that number down, £681million was in the form of venture capital funding, £105m in IPO activity and £344 million from all other public financing.

The report said that the UK leads Europe for venture capital funding, accounting for more than a third of European venture capital funding in the sector with only San Francisco and Massachusetts seeing more investment.

The IPO route was also popular, with the number of financings through AIM for the biotechnology sector rising from 130 (including 8 IPOs) in 2015 to 175 (including 7 IPOs) in 2016. Highlights include Shield Therapeutics, raising £32.5m on AIM in February, with four other companies raising over £10m each in their IPOs, with all but one, (Motif Bio) choosing to list on AIM.

BIA CEO Steve Bates, OBE said: “The UK continues to be the strongest performer in Europe and it continues to build towards becoming the third global biotech cluster. This is down to the excellent science produced by our entrepreneurial and resilient community that is staffed by great management teams with the capability to tackle the challenges of working in a global environment.”