New data research tool launched to provide a true picture of the UK life sciences industry

A powerful new data research tool was launched today to better inform policymakers, strategic investors and businesses focused on the UK life sciences industry.

Created by Impact Data Metrics, IDM Life Sciences provides the industry’s first accurate and current view of business activity. It is designed to overcome limitations that have long made it difficult to get a true picture of the industry, even UK government reports containing inaccurate, incomplete and out of date information.

The web application uses IDM’s proprietary machine learning / AI technologies to overcome well-known gaps in the data sources that currently underpin Industry Summaries.

Typically, existing reports are based on corporate headquarters addresses that are not necessarily the same as the addresses of the premises where the work is actually performed and do not span multiple operating sites. IDM Life Sciences uses the company’s proprietary business premises database that describes the actual operating locations of businesses across the UK. This has a profound effect when the researcher visualizes the distribution of UK business activity on a map.

Additionally, the new tool overcomes the long-standing problem of over-reliance on standard industry classification codes (SIC codes) – a key indicator typically used to identify businesses. SIC codes are inherently flawed as companies themselves select the category to which they belong, which has resulted in “free for all” where incorrect allocation of companies to the sector is all too common.

IDM Life Sciences overcomes this problem by overlaying additional information that enables accurate characterization of business activity independent of SIC codes. This generates a classification much more relevant to the form of industry, allowing information on sub-sectors such as diagnostics, R&D, manufacturing or medical technology. This provides users with a detailed understanding of the size of the life science industry with businesses outlined by location, occupation, and revenue generation.

The powerful tool also provides a comparable view of research and innovation activity covering funding awards for specific research projects and the associated publishing activity of researchers.

Neil Murray, Director of Impact Data Metrics, said:

There is a need to lift the current fog over understanding business activity in the UK. This affects anyone who wants an accurate picture of the size and location of industrial sectors. It is imperative that decision-makers have access to timely, accurate, and truly granular data. With our in-depth knowledge of life sciences and the use of our data analysis expertise within IDM, we created IDM Life Sciences as the first of our industry dashboards to enable users to study in a simple and intuitive way the elements of the sector that are important to them.

Our intuitive search function allows a user to browse all available information about companies. So if you are interested in cancer therapy, a simple search will pull up the companies that operate in this space. Plus, we’ve enriched it with research and innovation content that highlights who in the UK is receiving grants and posting in that same space.

The intelligence of the data we can provide is extensively researched and drawn from multiple sources. IDM Life Sciences is easy to use and the information it provides enables users to make better decisions based on the real evidence they need.

With a convenient subscription model, IDM Life Sciences presents data in interactive maps, charts and tables with options for users to export data to other formats.

Sean N. Ayres