£10 Million In Funding For UK Life Sciences Sector
Date posted:
News
Researchers and businesses in the life sciences sector in the UK have been given a boost this month (February), with £10 million in funding now available to help transform patients’ lives, and support and speed up new treatments and cures for diseases like cancer, dementia and strokes.
The Innovation Scholars Scheme, launched by life sciences minister Nadhim Zahawi on the 20th, will be used to support collaboration in life sciences between industry and researchers, as well as supporting secondments for the development of new technologies and techniques to help patients across the NHS as soon as possible.
New healthcare wearable tech is also due to be developed, including smartwatches, monitors, personalised medication based on a patient’s genetic information and diagnostic devices like mobile health units.
Mr Zahawi said: “The UK is home to one of the strongest, most vibrant health and life science industries globally, with discoveries and improvements in health diagnosis transforming people’s lives.
“Collaboration is vital to growing this sector and this new £10 million scheme will support the exchanging of ideas, knowledge and skills between researchers and businesses while encouraging strong collaboration with them, the NHS and the government.”
In addition, six new locations have been given the status of Life Science Opportunity Zone (LSOZ) to help them attract investment from national and international businesses, as well as driving economic growth and delivering improved health.
Experts working in these new Zones will be able to take advantage of government support in order to promote their life sciences parks. Already, huge advances have been made in areas such as genomics, radiology, digital pathology, early diagnosis, manufacturing and clinical research.
A recent report by life science incubator and business collective Biocity, published late last year, found that investment in life science start-ups is expected to grow significantly over the next few years. It’s possible that funds being poured into early-stage ventures could rise to £2.8 million, representing growth of 400 per cent compared to the last five years.
It was also predicted that bigger pharmaceuticals will also be turning increasingly to smaller organisations as sources of innovation in order to address the issue of the decline in productivity where research and development is concerned.
Dr Glenn Crocker, chairman and former chief executive officer of Biocity, recently told Clean Room Technology that there has been a 50 per cent hike in the number of start-ups in the sector.