Before the pandemic, few people had heard of AstraZeneca, Pfizer and Moderna. Fast forward two years and these have become household names and with the rise in interest, comes a rise in funding.

In 2021, a record level of venture capital was raised in the UK, totaling £4.25 billion and in 2020, the industry reported a global revenue of $108.2 billion, highlighting the value held within this growing industry. And of course, with growth, comes an increased emphasis on space. 

The life sciences industry has typically focused on space in and around areas of academic excellence, with Oxford and Cambridge sitting comfortably at the top of the list. However, supply can only keep up with demand for so long, and already we are seeing smaller biotech companies struggling to get their feet in the door of the Oxford-Cambridge biosphere. 

So what is the solution? Every biotech company will require something slightly different, but what they all seem to value is accessibility and talent. What Oxford and Cambridge have always had above other areas of the UK is the talent pool that sits at the fingertips of those situated in these areas. Labs in these areas are also in close proximity to exceptional clinical facilities (such as Addenbrooke's and John Radcliffe's), being of particular importance to those focusing on gene therapies and diagnostics, where patient supply is critical to the research being carried out. So with all this in mind, how do biotech companies coming into the market establish a physical presence within spaces that are already so heavily saturated? Perhaps it's time to expand the focus area and move away from the traditional and into the new. 

Building new life science hubs requires not only the creation of lab space, but also the creation of homes for the talent working in these labs and communities who can support these individuals. The social considerations of a company and how it attracts, supports and motivates people, both internally and externally, is of paramount importance to employees, particularly following the pandemic. With Oxford and Cambridge off the cards for the smaller, less established companies, places like Nottingham, Manchester and Birmingham could jump into the field, providing biotech companies with an opportunity to focus more on how they can attend to the "S" in ESG.  

Public and private funding into both housing development and the life sciences industry creates the perfect platform to create new life sciences hubs all across the UK. The creation of new housing developments could provide employees which an opportunity to live close to the labs within which they work; commuting becomes significantly greener with walking and cycling to work becoming a viable option, and with that comes mental health benefits, lower travel costs and an improved quality of life. Providing a space where employees can build their lives, both professionally and socially, creates a sustainable, long-term workforce, reducing the risk of talent becoming transient and teams becoming fractured from the effects of an ever-changing workforce, which can plague companies in areas where the lifestyle is considered to be unsustainable and short term. Attracting talent from different areas around the country also increases diversity within the workforce, encouraging new perspectives and new ideas to be heard. As well as creating a diverse workforce, spreading labs across the country also allows for more clinical diversity within patient samples, helping companies to tailor new treatments to those most effected by specific conditions. 

The life sciences industry has an opportunity to establish itself as one of the leading industries in ESG, and whilst the traditional is certainly attractive, sometimes it's the new that provides the most opportunities. New developments can enhance the wellbeing of those living and working in these spaces, particularly when built sustainably using new initiatives and new technology to reduce the carbon footprint of each new building. Once new homes and labs are created, occupiers can then reside in these spaces under green leases, using committees to constantly question and rethink the ways in which occupiers utilise the space in which they reside. The creation of communities within these spaces also encourages social buy-in, with residents benefitting from the investment and actively encouraging and supporting the success of those working in the area. The opportunities are there alongside countless ESG benefits; the question is, who will be the first to take the leap?