Applications Invited For £20m Fund To Grow Life Sciences Sector
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A £20m fund intended to support the manufacture of medicines, diagnostics, and MedTech in the UK opened for applications on the 7 April, according to a press release by the UK Government. The fund was originally announced in November 2020 by the Prime Minister Boris Johnson, as part of the efforts to boost the post-pandemic economy.
Business and Industry Minister Nadhim Zahawi said: “Our life sciences sector is world leading and its incredible response to COVID-19 has reminded us of the crucial importance of the sector to the UK.”
The full title of the scheme is the Medicines and Diagnostics Manufacturing Transformation Fund. It aims to put the UK in a leading global position, and strengthen its ability to respond to future pandemics. The fund should also help to level up the economic landscape of the UK, as two-thirds of life science manufacturing jobs are outside of London and the SE.
Business Secretary Kwasi Kwarteng said: “This £20 million investment will harness the best in UK manufacturing and fund cutting-edge medical technologies to protect the British public in 2021 and beyond. This will not only boost the UK’s already strong vaccine and medicine portfolio but support top quality, local jobs across the country […].”
The UK life sciences already supports 256,000 jobs, and generates £80bn of turnover annually. It has world-class staff and facilities, and a global reputation for innovation and quality. This put the country in a good position for vaccine research and development, and the results are reflected in the success of the vaccination programme.
It is hoped the funding will encourage the development of new technology, innovation, and building of more facilities, and the exploration of greener manufacturing processes. The government is particularly keen for the UK to have a resilient science manufacturing capacity, that can robustly and swiftly step up to the challenges of the future.
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