UK life sciences receives £160m government funding

The UK government has committed £160 million ($280.2 million) in funding to the life sciences after a review of the industry.

Professor Sir John Bell conducted the review after a government industrial strategy green paper, published in January, showed life sciences to be one of the UK’s five leading sectors.

Now UK business secretary Greg Clark and UK health secretary Jeremy Hunt have announced the investment of £160 million of funding to support the industry.

The life sciences industry is valued at £64 billion and it is hoped that the new investment can create jobs and lead to a higher standard of living.

Bell’s review into the future of the industry contains input from AstraZeneca, Johnson & Johnson, Merck Sharp & Dohme, GSK, healthcare groups, small and medium-sized enterprises, and charities.

The life sciences industrial strategy, the report put together by the life science sector and sent to the government, divided the industry into five sectors.

These are science, growth, the National Health Service, data, and skills. The idea is to build on the UK’s strength in each area.

Bell said: “The vision for the Life Sciences Industrial Strategy is an ambitious one and sets out proposals for how the UK can continue to capitalise on its strengths in the sector, both to encourage economic growth and to improve health outcomes for patients.”

The investment will stretch out over four years and cover multiple projects such as the Medicines Manufacturing Innovation Centre, to “accelerate the adoption of emerging and novel manufacturing technologies”.

Innovation at the manufacturing centres will be supported via research and development. The government is investing £25 million to support SMEs working in this sector and boost innovation.

Clark added: “The life sciences sector is of critical importance to the UK economy and UK health—with over 5,000 companies, nearly 235,000 employees and a turnover of £64 billion in 2016—and the government is committed to continuing to help this sector go from strength to strength.

“We will be engaging with Sir John Bell in the coming months in an effort to work towards a sector deal that helps us seize the opportunities in this area.”