Neil Woodford, one of the highest-profile fund managers in the UK, has launched his new company's second fund – a £200 million investment trust focused on start-up companies, many of which are expected to be in the UK's medical-science sector.

Launching the new fund at an event last night, Woodford said: "The UK has had a fantastic track record of invention and innovation, from the invention of the worldwide web to the discovery of graphene, but a very poor track record in commercialising that intellectual achievement.