Life Sciences is one of the UK’s most successful sectors, worth over £94 billion to the UK economy (in 2021). On the 25th of May, Jeremy Hunt revealed the ‘Life Science Growth Package’ which aims to further boost the UK economy which includes manufacturing, skills and infrastructure. There is a significant investment for improving commercial clinical trials to support UK innovation, to help cut waiting lists – one of the government’s five priorities.
Key areas of investment summarised below:
Plans to speed up clinical trials
£121 million to improve commercial clinical trials to bring new medicines to patients faster. The aim behind this investment is to globally make the UK attractive for clinical trials with speedier regulatory processes, set-ups, approvals, and improved access to data through Clinical Trial Acceleration Networks. This comes as a response to Lord O’Shaughnessy’s independent review around how to improve UK commercial clinical trials.
Manufacturing funding to prepare for any future pandemics
£48m of new money for scientific innovation to prepare for any future health emergencies with a large proportion of this funding for biomanufacturing.
Biological data bank
£154m to increase the capacity of the UK’s biological data bank further aiding scientific discoveries.
Pension scheme investment in Science and Tech
£250m for incentives which invest in UK Pension schemes in high-growth science and technology businesses.
Mental Health Mission
£42m will go towards a new centre in Liverpool to understand how mental, physical and social conditions interlink, and a site in Birmingham to support research and novel treatments for early intervention in psychosis, depression and children.
Relicensing of Academic Health Science Networks (AHSNs) for a further 5 years
15 AHSNs will continue to support the spread of innovation within the NHS locally and nationally until 2028.
In addition to the funding announcement, the MHRA also confirmed they will launch a consultation into international recognition of medical devices by October 2023. We are seeing significant progress and programmes of work which will support better regulation of emerging technologies in the UK, enabling their rapid and safe introduction. Th ultimate aim is to establish the UK as the best regulated economy in the world in key growth sectors ensuring that industry and investors have the certainty then need to drive innovation, investment and growth of emerging technologies.
MediLife welcomes this investment in the Life Science sector which signals the government’s commitment to drive UK’s world-class reputation in clinical research and innovation, that will bring benefits to patients.
To discuss how we can support your regulatory, clinical or commercial needs, contact our MediLife team today.
Reference: Chancellor reveals life sciences growth package to fire up economy – GOV.UK (www.gov.uk)