LONDON London is looking to capitalize on its large concentration of universities, medical research institutions and teaching hospitals, to shape itself as a leading biotech cluster.
The initiative will be spearheaded by a new organization, Medcity, set up by the Major of London's office in partnership with the capital's three universities, King's College, University College London (UCL) and Imperial College. Oxford and Cambridge universities also are cooperating in the project.
For the London mayor, Boris Johnson, the objective is that the city's life sciences industry stands shoulder to shoulder with its financial services sector in terms of economic significance. There are 700,000 medical and life sciences researchers in London.
"Yet in spite of the talent and the huge natural market, we haven't been as successful as some other cities in converting breakthrough science," Johnson said. "We need to channel intellectual pre-