Funding Boost For UK Life Sciences

Chancellor Philip Hammond has announced that the drug discover and mental health treatment sectors of the UK life sciences industry will receive additional funding to help with their work.

He stated that the government wants to support the industry because it employs hundreds of thousands of people in the UK and is one of the world leaders in this field.

Speaking on a visit to the Francis Crick Institute, he stated: “It is through supporting growth in these cutting-edge industries that we will build a competitive economy that works for everyone.”

A total of £17 million will be spread across a range of projects, Mr Hammond announced. These include work on a cryo-electron microscope that is capable of building 3D models of biological components, as well as money to expand the Confidence in Concept business catalyst scheme, Verdict reported.

Confidence in Concept was designed to increase investment in research into mental health treatments. A further benefit of the cash injection will be the creation of a new innovation hub, kitted out with new equipment and providing jobs for researchers.

According to the news provider, there are more than 5,000 life sciences businesses in the UK, with a combined turnover of £64 billion.

However, there are concerns that Brexit could negatively impact the life sciences sector in the country, with a House of Lords committee recently being told that a commitment to partnership investment within the EU is key if firms are to continue to plough money into the industry.

Pharmaceutical Journal reported on comments from Steve Bates, chief executive officer at the Bioindustry Association, who told the committee that investment decisions have been impacted in the past three months as a result of the UK’s decision to leave the European Union.

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