UK Chancellor of the Exchequer Philip Hammond has announced a new £17m life sciences funding, which is intended to aid the discovery of new drugs and support treatment for mental health.

Provided by HM Treasury, the funding is expected to benefit the National Health Service (NHS) and patients in the country.

The life sciences industry is considered important for the country’s economy as it comprises more than 5,000 companies, with a total of about 235,000 employees and £63.5bn turnover.

Hammond said: “We have a successful and resilient economy which is supporting a record number of people into employment.

“My focus now, and going into the budget, is on boosting productivity so that we can deliver higher-wage jobs and a better standard of living for people across the country.”

“We have a successful and resilient economy which is supporting a record number of people into employment.”

Approximately £5m of the total funding will be used to develop a cryo-electron microscope that will be used for building three-dimensional (3D) models of biological components to enable quick and inexpensive drug discovery.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, a new £7m lab will be set up with innovative equipment and research scientists to establish the UK Centre for Engineering Biology, Metrology and Standards.

The remaining £5m will be used under the business catalyst scheme, Confidence in Concept, to enhance mental health treatment.

UK Science Minister Jo Johnson said: “Through the recently published Life Sciences Industrial Strategy and our progress towards a Life Sciences Sector Deal, we are determined to cement the UK’s position as a global leader and capitalise on its strengths to encourage both economic growth and improve health outcomes for patients.”