The UK government will spend £160 million to support medical research and health care.
The government is expected to spend £146 million to support innovation in manufacturing, development of vaccines and advanced treatments, and research by small and medium-sized companies. The proposal is part of Prime Minister Theresa May’s proposed £4.7 billion increase in research and development spending over four years.
While speaking on the proposed changes and funding, Business Secretary Greg Clark stated that “The life sciences sector is of critical importance to the UK economy and UK health.”
In addition, £14 million is proposed for medical technology research centers to improve collaboration between companies and the UK’s taxpayer-funded health care system.
A Life Sciences Industrial Strategy report commissioned by the government and prepared by University of Oxford Professor John Bell highlights the importance of clinical trials needed for drug approvals and the need to make better use of patient data collected through the National Health Service. Professor Bell called for emulating areas like Boston and Silicon Valley with strong connections between big drug-makers, small startups, and universities. “We have created a strategy which capitalizes on our strong science base to further build the industry into a globally-unique and internationally competitive life sciences eco-system,” he said.