The $1 Trillion Hunt for UK Biotech

Schroders says a looming pharmaceutical patent cliff and scarce venture capital are creating a potentially major opportunity in UK biotech. 

• Big Pharma faces $67 billion in projected patent-expiry revenue losses by 2029.
• The industry holds roughly $1.3 trillion in dry powder, likely fueling acquisitions of external innovation.
• The UK “golden triangle” of London, Oxford, and Cambridge remains a core global hub for drug discovery.
• Venture fundraising has collapsed, creating a funding vacuum that may pressure valuations and improve investor entry points.

The UK’s problem has long been financing scale. If that gap narrows, Britain could capture far more value from the science it already produces.