The government has announced a new £20 million Medicines and Diagnostic Manufacturing Transformation Fund to expand medicines manufacturing and improve medicine supply chains.
Policies that encourage investment in cutting-edge science will deliver huge economic benefits, including jobs in our world-leading sector. Richard Torbett
The ABPI has welcomed the news after its call last week for the government to set out plans for the future success of the life sciences sector, following the Chancellor’s Spending Review.
Richard Torbett, Chief Executive of the Association of the British Pharmaceutical Industry, said:
“It’s great news that the government is focusing on growing the pharmaceutical industry. The announcement of a capital fund is a critical step if the UK is to compete and win high-value investment. Companies are eager to hear how the scheme will operate and may develop in the years to come.
“The pharmaceutical industry is critical to the UK’s economic recovery from COVID-19 and resilience against future health threats. Policies that encourage investment in cutting-edge science will deliver huge economic benefits, including jobs in our world-leading sector.”
The multi-year fund will have an initial pot of £20 million, which will be available from next year, as part of the government’s 2021/2022 Spending Review announced by the Chancellor on 25 November.