New government Medicines and Diagnostics Manufacturing Transformation Fund launched
The government has launched a new £20 million Medicines and Diagnostics Manufacturing Transformation Fund. It has been created in order to optimise the UK’s response to potential future pandemics.
The Medicines and Diagnostics Manufacturing Transformation Fund is open to manufacturers across all of England, Wales, Northern Ireland and Scotland. It hopes to safeguard domestic supply chains and create hundreds of highly skilled manufacturing jobs in the process.
The UK’s health and life science industry
The UK is one of the leading and most productive health and life sciences industries in the world. It has a turnover of £80 billion and supports 256,000 jobs. It’s underpinned by a powerful research and development landscape and high-quality science.
Business Secretary Kwasi Kwarteng said:
“This £20 million 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 said:
“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.”
The impact of COVID-19
The COVID-19 pandemic has revealed the importance of a domestic supply chain. This is particularly important when it comes to the medicines and diagnostics manufacturing industry. The Medicines and Diagnostics Manufacturing Transformational Fund has been established to strengthen and develop the UK’s capabilities.
The UK government invested over £300 million into the manufacturing of a successful vaccine. This fund forms part of the Government’s plans to secure a resilient onshore manufacturing capacity. This will help to ensure access to safe affordable vaccines, medicines and diagnostics for this and future pandemics.
It encourages companies to deploy new technologies and techniques to build new factories and harness new advances. This fund will also look to support greener manufacturing processes. This will further strengthen the Government’s Ten Point Plan for a green industrial revolution. The Ten Point Plan has a focus on harnessing sustainable practices that pave a path towards net zero carbon emissions.
The fund comes as another grant for businesses that are awarded by the government. Other business grants they’ve provided recently include council business grants, start-up business grants and grants for charities.
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