Government pledges £260 million towards health research, manufacturing and development
The Government has stated that £200 million will be spent on making NHS data more readily available for research and increasing its security and accessibility. It is hoped that this will allow the NHS to deliver innovative new treatments faster and increase diversity in clinical trials to combat existing health inequalities.
In a further boost to the life sciences sector, the remaining money will be used to create a £60 million Life Sciences Innovative Manufacturing Fund (LSIMF). The fund will support commercial-scale manufacturing investments by companies who are at the cutting-edge of medical innovations, such as new gene therapies and improved diagnostic technologies.
The Government deems this important to their levelling-up agenda through the creation of jobs in the life sciences industry and ensuring the UK remains an attractive option for potential investors.
Business Secretary Kwasi Kwarteng said:
“The past 2 years have shown just how important our fantastic medical and life sciences industry is for the UK not only in dealing with the pandemic, but also for the vital economic opportunities they create throughout the country.
“By providing £260 million to boost UK medical manufacturing and medical research, we are ensuring the industry has the support it needs to improve patient outcomes and generate high-skilled jobs while building up Britain’s manufacturing base in the process”.
Solely UK-based and registered companies are eligible to apply for the LSIMF. The project application must be for the upgrade, expansion or establishment of new manufacturing facilities and diagnostics are explicitly mentioned as a key area of interest. The full LSIMF scheme guidance can be viewed here.
BIVDA has also welcomed this announcement via a press release, which can be read here.