Revolutionary health products will be developed and more lab space will be freed up as the Government today unveils plans to boost the UK’s life sciences sector.
The ‘Life Sci for Growth’ package will invest £650million to support the industry and cut NHS waiting times after the Prime Minister vowed to make Britain a ‘science superpower’.
The Chancellor will today announce ten policies – including creating incentives for pension schemes to invest in emerging science and technology firms – to boost the sector he claimed is one of the country’s most successful.
Jeremy Hunt said: ‘Our life sciences sector employs over 280,000 people, makes £94billion for the UK each year and produced the world’s first Covid vaccine.
‘These are businesses that are growing our economy while having much wider benefits for our health – and this multi-million pound investment will help them go even further.’
Jeremy Hunt said: ‘Our life sciences sector employs over 280,000 people, makes £94billion for the UK each year and produced the world’s first Covid vaccine’
Health Secretary Steve Barclay said ministers were taking forward recommendations from a review by Lord O’Shaughnessy
The plan will also see £121million of new and existing funding to speed up clinical trials and improve access to real-time data as well as committing money to the railway line between two of the UK’s science powerhouses – Oxford and Cambridge.
Health Secretary Steve Barclay said ministers were taking forward recommendations from a review by Lord O’Shaughnessy ‘so people getting NHS care can benefit from cutting-edge treatments faster’.
Other policies include £48million for scientific innovation to prepare for any future health emergencies.
The Government has sought to leverage post-Brexit freedoms to cut red tape. In January it was reported reforms are set to help Britain unleash an £80billion science funding boom by freeing up pension funds and allowing more overseas investment.
Science and Technology Secretary Chloe Smith said: ‘The package we are announcing today won’t just help this £94billion industry drive more economic growth and create more high skill jobs.
‘It will support advances in public health which will mean we can all have happier, healthier, more productive lives.’