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Positioned for success: Redefining the medical science landscape

Medical science is the specialised area of life sciences concerned with human health. It is a commercially dynamic and innovation-driven field of global research, encompassing a wide range of disciplines including biotech, pharmaceuticals, medical devices and healthcare services. As it continues to grow and evolve, the integration of sophisticated artificial intelligence and machine learning is poised to propel expansion, enhance capabilities and increase profitability across the industry.

Funding in this sector is typically sourced from a mix of government grants, private investments and venture capital, with significant contributions from large pharmaceutical companies and healthcare organisations. However, in recent years, the landscape of funding has undergone a significant transformation, particularly in the United States. Under the second Trump administration, federal funding has been significantly reduced, with one publication suggesting that a proposed budget would ‘slash as much as 50% from America’s main research-funding bodies’1.

While localised and private funding sources still exist, this reduction can have a considerable impact. With increasing competition for grants, promising research is often postponed or abandoned. Retaining talent — as well as maintaining the supporting infrastructure — then becomes increasingly difficult, as researchers begin to seek opportunities in a more well-funded ecosystem.

Assessing an opportunity

Fortunately, entrepreneurs are known for seeing opportunities when others see obstacles, and as the U.S. grapples with these changes, a notable reshaping of the global scientific community has occurred.

In the United Kingdom, both the University of Oxford and the University of Cambridge have become increasingly attractive destinations for scientific talent and investment. Building on their existing prestigious reputations, they have positioned themselves as key players — not only in the advancement of medical science, but, perhaps more significantly, as strategic entrepreneurial hubs for a rapidly changing market.

This was one of the factors we explored at our Oxford Forum 2025. This curated event provided a platform for entrepreneurs, business leaders and research pioneers to examine the current landscape of funding and consider opportunities on the road ahead.

Evaluating regional advantages

While the U.S. may be scaling back federal funding, its market for medical research should not be entirely dismissed. The appeal of America endures — from higher valuation multiples to a vast and sophisticated investor base. However, these opportunities are often accompanied by higher operating costs and a more complex regulatory framework.

Ultimately, for growth to be meaningful and sustainable, it must be built on well-supported research. Without that foundation, cohesion becomes harder to maintain. This is why local investment can offer a more accessible path for companies looking to scale, and why areas such as Oxford offer promising opportunities.

The U.K. market has certainly positioned itself as an agile environment conducive for both research and investment in medical science. Organisations such as the Advanced Research + Invention Agency (ARIA) and the National Institute for Health and Care Research (NIHR) are available to help coordinate studies, while the National Health Service (NHS) provides a pre-existing infrastructure to gather real-world evidence at a population level.

This is bolstered by the government’s wider announcement of a £54m fund to ‘attract world-leading researchers and innovators2, and through initiatives like the Mansion House Accord, which together help provide a stronger framework for meaningful investment.

Yet wherever the location, collaboration is essential. Businesses in the medical research sector may hold promise, but require substantial capital and careful nurturing to realise their full potential.

Enterprise and research: Navigating challenges

The journey of any entrepreneur is demanding, but these difficulties are amplified in a highly specialised area such as medical sciences. Despite the opportunities currently found in the U.K., new and developing businesses looking for investment still face a challenging time.

When pitching, entrepreneurs must be mindful of several critical elements. Finding the right investor, as opposed to an investor, is paramount, and the following fundamental considerations are all too easily overlooked.

1.     Define the investor’s remit

Clarifying an investor’s priority — whether shaped by thematic mandates or capital deployment targets —ensures alignment from the outset.

2.     Establish a common language

Creating a tailored pitch that matches a potential investor’s familiarity with the subject is essential. The investor’s focus may be driven by broader commercial considerations, as opposed to scientific nuance.

3.     Collaborate on investment pitches

Leveraging external expertise can attract investment and reveal hidden risks in a timely manner. Play to your strengths — many founders with fledgling businesses often spread themselves too thinly across multiple roles, with mixed results.

4.     Maintain momentum

When a concept begins to take shape, it is prudent to think ahead and identify potential investors early. As the investment process itself can be lengthy, expedited due diligence should always be avoided. This helps ensure time isn’t lost at a critical juncture.

 

A global race for innovation

Despite challenges, the drive for innovation in medical science remains unwavering. The current recalibration of funding in the U.S. is part of an evolving landscape, as scientific breakthroughs and transformative solutions find their way to market.

Entrepreneurs must now secure talent, resources and funding channels, and align scientific excellence with commercial strategy.

By engaging with investors, researchers and entrepreneurs directly — such as our guests at Oxford Forum 2025 — we facilitate this collaboration and respond to rapidly changing dynamics. With our global reach and local networks, J.P. Morgan Private Bank is well placed to support business owners navigate this specialist field, allowing them to focus on making a meaningful impact on global health.

1 The Economist. The Remarkable Rise of Poland, May 24 – 30 2025 “America’s Assault on Science”
2 https://www.gov.uk/government/news/uk-launches-global-talent-drive-to-attract-world-leading-researchers-and-innovators

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U.S. policy changes have redrawn the map for funding in medical science, accelerating a rebalancing of capital and influence. For entrepreneurs, it offers an opportunity for strategic recalibration.

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