Life science companies can now apply for a share of £20 million to expand manufacturing of medicines, diagnostics and med tech in the UK.
The Medicines and Diagnostics Manufacturing Transformation Fund, unveiled by the prime minister last November, is designed to give UK companies a competitive advantage and boost the country’s ability to respond to future pandemics.
It is hoped the fund will grow and strengthen the UK’s capabilities as well as encourage companies to deploy new technologies, build new factories and harness new advances, including bioprocessing, data and using greener manufacturing processes.
With two-thirds of life science manufacturing jobs already outside London and the South East, the new fund will also open up economic and investment opportunities for manufacturers across the whole of England, Northern Ireland, Scotland and Wales, the government noted.
“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,” said business secretary Kwasi Kwarteng.
“This will not only boost the UK’s already-strong vaccine and medicine portfolio but support top quality, local jobs across the country and put the UK in a formidable position to continue responding to the most pressing global challenges of our time.”