Government Reveal £520 Investment for Life Science Industry in Recent Statement

The British government has unveiled this year’s Autumn statement, with plans made to put funds of £520 million towards the life science industry and programs to boost clinical research. 

Following the statement, a budget of £51 million has been allocated for the ‘Our Future Health’ scheme. This scheme is focused on offering tools to the NHS to enroll individuals for clinical studies and strengthen efforts to diagnose and manage diseases in the aftermath of coronavirus and lockdown. 

Furthermore, the statement provided details to invest in Genomics England which will aid in research and personalized treatment plans for children suffering from uncommon illnesses.  

Additionally, the chancellor has affirmed an extra £500 million in funding for AI over the next couple of upcoming financial years, bringing the overall planned investment to over £1.5 billion. This allocation encompasses the previously disclosed £100 million AI Life Sciences Accelerator Mission and will leverage medical research to address significant health issues as outlined in the statement. 

Richard Torbett, Leading body of the the Association of the British Pharmaceutical Industry stated, “The Chancellor has recognized the high potential of UK life sciences to deliver the jobs and growth the country needs. This package of support will help boost our sector’s investment in UK-based research and manufacturing.” 

Torbett continued to say, “Alongside commitments in the new Voluntary Scheme agreement to improve the ecosystem for innovative medicines, as well as progress to address challenges in industry clinical trials, the UK is getting back on track to realise the Prime Minister’s vision of being a life sciences superpower.”  

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