After graduating in medicine from St Bartholomew's Hospital Medical School, London University, Terence Kealey achieved his Ph.D. from the Department of Clinical Biochemistry, Oxford University, in 1982. His biomedical research focused on the cell biology of human skin. He has also studied the economics of science and higher education. His book The Economic Laws of Scientific Research argues that, contrary to myth, there is no market failure in science, and that it can be entrusted safely to the free market. His latest book, Sex, Science and Profits, argues that scientists spontaneously organize themselves in invisible colleges, thus ensuring that new knowledge spreads rapidly within the market. Kealey was appointed vice-chancellor of the University of Buckingham in 2001.