Financial Support Announced for UK's Health Industries

Aug 06, 2013

Innovative business and academic projects from across the UK’s health sector will benefit from a new £93.2 million ($123,909,400 dollars) package of support announced by Universities and Science Minister David Willetts.

The investment includes £25.9 million ($34,434,050 dollars) from Round 3 of the Biomedical Catalyst, through which 29 companies and five universities will receive investment. Projects include clinical trials to repurpose a cancer drug that could be used to treat rheumatoid arthritis and an implant to reduce pain and restore mobility to knee cartilage injuries.

As part of the recent Spending Review, it was announced that there will be additional support for the Catalyst. Academic researchers and universities can continue to apply for additional funding through the Technology Strategy Board and Medical Research Council in Round 4 of the Biomedical Catalyst, which is now open.

A new £38 million ($50,521,000 dollars) National Biologics Manufacturing Centre will be based in Darlington. The centre, being funded through investment announced as part of the life sciences strategy, will be a national base for the manufacturing of biological medicines such as antibodies and vaccines.

A further £29.3 million ($38,954,350 dollars) of investment in healthcare innovation has been announced through three Technology Strategy Board-led funding competitions. These will support businesses in areas such as stratified medicine and regenerative medicin.

Source: UK Department for Business Innovation and Skills