"This is excellent news for clinical research in general as well as these priority disease areas," said Director General Dr Trevor Jones.
He also welcomed the creation of the UK Clinical Research Collaboration (UKCRC), which will bring together the NHS, Medical Research Council, medical charities and industry to speed up the development of new medicines and treatments.
"This investment in collaboration and partnership means more patients will benefit from the latest scientific and medical advances, and will give more patients the opportunity to participate in clinical trials," said Dr Jones.
The extra funding will be used to:
Fund specialist research into the three most common diseases affecting older patients - Alzheimer's, stroke and diabetes
Bring together existing paediatric research centres to deliver faster progress in developing medicines for children
Expand the research network within the National Institute of Mental Health for England
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