Prime Minister David Cameron has announced a package of support for the UKs leading life science companies and academia to enable them to move more quickly from discovery to commercialisation.
The new three-year programme will see the Technology Strategy Board receive additional funding of £90 million, which will be aligned with existing Medical Research Council academic translational funding, providing a programme valued at £180 million. The programme will be managed jointly by the Technology Strategy Board and the Medical Research Council.
The aim of the Biomedical Catalyst fund will be to deliver growth to the UK life sciences sector through supporting and driving the development of innovative life sciences products and services. Support will be available to both academically and commercially led research and development.
The fund aims to provide seamless support, from initial research in universities through to commercial development in small and medium-sized companies, from incubating innovations in academia to supporting and accelerating companies’ innovative products.
The number or organisations involved in the life sciences sector in the UK is increasing and the emerging “open innovation” model of research and development results in companies engaging with the wider research environment. While this encourages creativity and innovation, it also means it is now more important than ever to ensure that public investment is maximised and supports the most promising developments, for both patient benefit and commercial success.
Article Published January 19th, 2012