Funding of £20m will be provided to improve medicine supply chains in the UK and help to create thousands of new jobs.
The money, which is being distributed as part of the Government’s new capital investment fund, the Medicines and Diagnostic Manufacturing Transformation Fund aims to improve the UK’s ability to respond to future pandemics by expanding manufacturing, improving domestic supply chains, and creating thousands of new jobs.
The Government says that the fund supports its ambitions to “build back better”, ensuring greater resilience in UK medicines supply chains.
Advancing the industry in the UK
The new fund aims to encourage the development of new technologies, the building of new factories, and the use of new technological advances such as bioprocessing, data, and greener manufacturing processes.
Prime Minister Boris Johnson said: “This new £20m fund will significantly increase the capacity and resilience of our medicines and diagnostics manufacturing supply chains and equip us to fight future health crises. Throughout the pandemic we have seen a coming together of British scientific industry and innovation and this new fund will enhance the UK’s manufacturing capabilities even further.”
Business Secretary Alok Sharma said: “The positive and timely response of our medicines manufacturers to the pandemic has been remarkable, but we want to ensure that the UK’s supply chains are even more resilient in the future.
“There are huge opportunities for innovation in medicines and diagnostics, and this new fund will put the UK head and shoulders above others, boosting the UK’s capabilities and generating significant economic opportunities across the country.”
The multi-year fund, which will have an initial pot of £20 million, will launch mid-2021 and will be run through a competitive process. Eligible manufacturing companies can bid for the fund to help with their capital costs.