It is well recognised that the path from initial scientific discovery to eventual commercialisation is more complex now than in former times. In recent decades, a constellation of factors arising from both industrial dynamics and the rigours of scientific research have contributed to a blurring of the lines between basic “blue-sky” research and applied industry-focussed research. The process of discovering ever more niche scientific breakthroughs now involves a level of complexity that requires the combination of multiple knowledge bases in collaborative research. Furthermore, the level of investment and risk involved in making such discoveries means that the established corporate heavyweights must look to dedicated public- and private- sector research entities to complete the early stages of the innovation process. There is also a greater expectation among the general public that exchequer-funded research should generate not only societal impact but also economic impact in the form of employment and new firm formation.1 The biopharma industry is no exception in this regard. As the Deloitte (2024) Global Life Sciences Sector Outlook notes, biopharma firms are actively engaging in strategic collaborations with public and private sector actors across the biopharmaceutical ecosystem in order to expand their R&D capabilities and to exploit new AI digital technologies. Rather than a linear intra-firm biopharma innovation process, a symbiotic relationship has taken shape across a networked set of public and private sector actors – and this relationship has been structured and mediated by national innovation policy.