I'm guessing that you're an A level student?
I took a gap year, so I actually got the scholarship last year. The bond is crazy, but it's all worth it to go to UCL (and be at the centre of London!)
Academics, definitely. But they want to see some passion. I'm an IB student, with a score of 43, and 7s at Bio, Chem and Math HL. I was offered an interview less than 3 days after I submitted the application online. The interview was kinda nerve-wrecking. One of my friends went for it the year before, so she told me what to expect. There were like 10-12 interviewers, so that was daunting. They asked me mostly about my personal quality essay. Like they talked about my CCA, and I showed them my Extended Essay (an individual PW in IB).
They did ask me what I knew of pharmacy. To be honest, I wasn't expecting to apply to pharmacy. A month plus before the interview I had already firmed my place at UCL for medicinal chemistry. That's why I took a gap year, cause withdrawing from 2011 meant I had to reapply in the 2012 cycle.
After the question, I really thought "that was it.", that there was no way they'd offer it to me. But the next day, they called me and asked me to attend a one day internship at NUH to learn more about pharmacy. I did that, and a week later, they sent me the letter to offer me the scholarship.