UK launches £650 million ‘Life Science for Growth’ fund for life sciences sector

Chancellor of the Exchequer Jeremy Hunt has announced a £650 million fund to advance the UK’s life sciences sector.

The ‘Life Science for Growth’ package brings together 10 different policies, including £121 million to improve commercial clinical trials to bring new medicines faster to patients, for any future health emergency This includes up to £48 million of new funding for scientific innovation to prepare. £154 million to increase the capacity of the UK’s biological data bank, to advance scientific discoveries that help human health, and up to £250 million to encourage pension schemes to invest in promising science and tech firms.

The Chancellor’s £650 million package also includes plans to relaunch the Academic Health Science Network as the Health Innovation Network to foster innovation by bringing together the NHS, local communities, charities, academia, and industry. It also changes planning rules to free up lab space for the new railway line East–West Rail (EWR), to bring more investment into the area, and to improve links between Oxford and Cambridge.

Life sciences are expected to be worth over £94bn to the UK economy in 2021, up 9% on last year. As a key industry driving UK growth, the Chancellor has identified this as a focus for the government.

Hunt said: “Our life sciences sector employs more than 280,000 people, generates £94 billion for the UK every year and produced the world’s first COVID vaccine.

“These are businesses that are growing our economy whilst having much wider benefits for our health – and this multi-million pound investment will help them grow even further.”

The package follows the Treasury’s Life Sciences Connect conference, which the Chancellor hosted on 29 March, where he heard from senior industry representatives about the opportunities and challenges they are facing.

policy announcements

The announcements aim to improve the regulatory environment for life science companies and improve the UK’s approach to commercial clinical trials. As part of this, the Chancellor has committed to making it easier to get revolutionary healthcare products to NHS patients by reducing the regulatory burden of approving clinical trials, and to speeding up clinical trials £121 million has been committed, made up of new and existing funding. Improving access to real-time data through testing and the new Clinical Trials Acceleration Network. It came in response to the publications of Lord O’Shaughnessy’s review on commercial clinical trials and Dame Angela McLean’s review on the life sciences regulatory system.

‘Life Science for Growth’ commits £154 million investment from UK Research and Innovation to upgrade the capabilities of the UK Biobank, the biomedical database containing the in-depth genetic information of half a million UK citizens, shared by the global scientific community Helping is valued by the drive. Further new medical treatments in the field. The money will go towards a new facility at Manchester Science Park, a new hub to help SMEs collaborate with industry and academia and better IT to accommodate multi-disciplinary data.

A call for proposals will soon be issued on the Government’s Long-Term Investment in Technology and Science (LIFTS) initiative, a £250 million government investment to encourage the creation of new vehicles for pension schemes in the UK’s science and investment will offer assistance. technology business.

Science and Technology Secretary Chloe Smith said: “Supporting our life sciences sector is a double win for the UK. The package we are announcing today will not only help this £94 billion industry drive greater economic growth but also Will help create high-skill jobs. It will support advances in public health which will mean we can all live happier, healthier, more productive lives, providing a virtuous circle of benefits to society and the economy.

“From our leading clinicians testing new treatments, to our drug and vaccine makers, and the world-leading population health studies running at the UK Biobank, we have a life sciences industry that the rest of the world is the envy of. Today we are going even further in our efforts to support this booming sector and delivering on the plan set out in our science and technology framework, ensuring it remains at the forefront of the global race for new investment and talent Could

The government has also indicated its commitment to a new East West rail line between Oxford and Cambridge. The region is a globally renowned center of science, research and innovation, and will support job creation and growth in towns and cities along the railway route. It announced its preferred route alignment for a third section of railway between Bedford and Cambridge, including a direct link to the Cambridge Biomedical Campus, a significant step towards completing the plan.

Health and Social Care Secretary Steve Barclay said: “This investment is another important step in using UK innovation to help cut waiting lists and build a stronger NHS – one of the government’s five priorities.

“We will take forward Lord O’Shaughnessy’s recommendations to speed up the delivery of clinical trials and encourage patient participation in research, so that people receiving NHS care can benefit faster from cutting-edge treatments that are funded by government funding. Backed by £121 million in

“We are accelerating research into mental health – supported by over £42 million investment in clinical research centers across the UK, including in Birmingham and Liverpool – to improve the speed and accuracy of diagnosis and enhance the use of technology for treatment have been ,

Jeremy Hunt also committed to increasing laboratory space through a pledge to reform planning regulations to help scientists. Proposals including for local authorities take greater account of R&D needs in their planning decisions.

In addition, £42.7 million for the mental health mission will go towards providing treatment to patients, setting up a new center in Liverpool to understand how mental, physical and social conditions intertwine, and a hospital in Birmingham. Psychosis, depression, and early intervention in children to support research and novel treatments for the site. £10 million will go to support UK organizations and researchers to create novel pharmaceuticals, medtech, and digital tools to improve treatment and aid recovery for people with opioid and cocaine addictions.

The Chancellor has hosted four similar events throughout 2023 at the Treasury’s Life Sciences Connect conference, each focused on their key growth industries; Digital technology, green industries, creative industries and advanced manufacturing.

Peter Ellingworth, CEO of the Association of British Healthtech Industries (ABHI), said: “Today’s announcements and their emphasis on healthtech are very welcome. I am pleased to see that in each of them our industry’s contribution has been acknowledged.

“Critical to the continued supply of technology to NHS patients and to the competitiveness of our country, will be the approach taken to the regulation of medical devices and diagnostics. This was recognized last year by the Life Sciences Council and an advisory group was created Today builds on the chancellor’s ambition to align proposals from that group published in March and to recognize approval from other, credible jurisdictions.

“Collectively, this package represents significant progress toward creating a system that values ​​innovation and provides our citizens with safe, timely access to life-saving and enhancing technology.

“We look forward to continuing to support the work of the LSC Advisory Group, and helping to deliver on the recommendations of the Pro-Innovation Regulation of Technologies Review through initiatives such as seconding the regulator with an enhanced and welcome focus on healthtech. Are.”