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Employment, Universities and Skills and Housing

I am listening to the hon. Gentleman carefully and agree with much of what he says. Does he recognise that the problem is often not so much the fact that there are spin-out companies, but the difficulty that smaller companies face in getting the next stage of investment funding to bring their products closer to market? That is what high-tech and biotech companies in my constituency are saying. With the current squeeze on big pharma, smaller biotech companies are finding it much harder to get licensing agreements from pharmaceutical companies, which is part of the same problem of moving to the next stage.