The UK Government has announced an investment of $347m (£260m) to enhance research and development (R&D), as well as the production of novel therapies, devices and diagnostics.
Up to $267m (£200m) of the funding will be invested to facilitate research to improve access to National Health Service (NHS) data leveraging Trusted Research Environments and digital trial services.
The Department for Business Energy & Industrial Strategy (BEIS) and the Department of Health and Social Care (DHSC) committed the $267m funding.
This will allow researchers to access critical data in a secure and rapid manner while maintaining increased privacy levels.
Furthermore, it will guarantee that the NHS could offer new life-saving therapies for patients quickly and promote varied and inclusive clinical research to address health inequalities and boost patient care.
Another $80m (£60m) of the fund will support commercial-scale manufacturing investments by firms at the front edge of innovation, such as cell and gene therapies, as well as enhanced diagnostic technologies among others.
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Following the success of the prior Medicines and Diagnostics Manufacturing Transformation Fund, the funds for production investments will be supplied through the latest Life Sciences Innovative Manufacturing Fund (LSIMF).
The funding will aid in backing the expansion of the life sciences sector in the country and the levelling up strategy of the government by generating employment.
The latest development is part of the ongoing commitment of the government to the life sciences industry, with $472m (£354m) granted to life sciences production via the Global Britain Investment Fund.
This also comprised financing to boost UK vaccine manufacturing resilience for the Covid-19 response and any health emergencies in the future.
UK Business Secretary Kwasi Kwarteng said: “The past two years have shown just how important our fantastic medical and life sciences industry is for the UK not only in dealing with the pandemic but also for the vital economic opportunities they create throughout the country.
“By providing £260m to boost UK medical manufacturing and medical research, we are ensuring the industry has the support it needs to improve patient outcomes and generate high-skilled jobs while building up Britain’s manufacturing base in the process.”