Govt Invests £650m To Improve The UK Life Science Sector
Date posted:
News
The government wants to support developments in the life science sector by providing a £650 million package for the industry.
Chancellor of the exchequer Jeremy Hunt recently revealed the Life Sci For Growth package, which it hopes will improve commercial clinical trials, bring medicines to patients more quickly, speed up manufacturing, improve skills and boost infrastructure.
Mr Hunt said: “These are businesses that are growing our economy while having much wider benefits for our health – and this multi-million pound investment will help them go even further.”
Up to £121 million will be put towards commercial clinical trials, and £48 million will be invested in scientific innovation to prepare for potential future health emergencies.
As much as £250 million will encourage pension schemes to invest in life science companies and £154 million will be used to increase the UK’s biological data bank, which will help with scientific discoveries.
The government also intends to bring the NHS, charities, academic professionals, industry experts and local communities together, so they can share best practice.
Plans to make more lab space available and improve rail connections between Oxford and Cambridge are also in the pipeline.
This announcement comes after Mr Hunt spoke at the Treasury Connect conference at Scale Space, regarding digital technology, green industries, life sciences, advanced manufacturing and creative sectors.
He mentioned the “tremendous strength” of the UK’s life science industry, which has helped make it the largest in Europe.
To help maintain this position, investment also needs to be ploughed into material science marketing to ensure the new developments are adequately promoted.