The £20 million Medicines and Diagnostics Manufacturing Transformation Fund, announced by Prime Minister Boris Johnson in November 2020, has now launched. The scheme allows life science and medtech companies to apply for a portion of the funding, which seeks to expand the UK’s manufacturing of medtech, diagnostics and medicine.
The scheme is designed to boost the UK’s ability to tackle future pandemics, as well as providing UK companies with a competitive advantage over rivals. It is also hoped that it will increase economic and investment opportunities across the UK.
The funding is intended to encourage UK medtech and life sciences companies to deploy innovative new technologies, take advantage of new advances, such as data and bioprocessing and to build new factories in order to improve the resilience of the UK's medtech supply chain.
Business Secretary Kwasi Kwarteng said: “This £20m investment will harness the best in UK manufacturing and fund cutting-edge medical technologies to protect the British public in 2021 and beyond.”
“This will not only boost the UK’s already strong vaccine and medicine portfolio but support top quality, local jobs across the country and put the UK in a formidable position to continue responding to the most pressing global challenges of our time.”
Life Sciences Minister Nadhim Zahawi commented: “Our life sciences sector is world leading and its incredible response to COVID-19 has reminded us of the crucial importance of the sector to the UK.”
“I am thrilled to see this fund opening for applications and would encourage companies to make the most of the opportunity to expand their operations and create good jobs as we build back better from the pandemic.”