Medicine manufacturing in the UK will receive a £20 million boost in a bid to strengthen the country’s response to future pandemics, the Prime Minister has announced.
Boris Johnson will launch the Medicines and Diagnostic Manufacturing Transformation Fund on a visit to North Wales on Monday.
The fund is designed to open-up investment opportunities for manufacturers across the UK, improving medicine supply chains and creating potentially thousands of skilled jobs.
It will be used to encourage companies to build new factories and harness new technological advances, with the aim of placing them ahead of global competitors.
The multi-year fund, starting with £20 million, will be available from next year and eligible manufacturing companies can bid for help with their capital costs.
Mr Johnson said:
“This new £20 million 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 added:
“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.”
Published: 29/11/2020 by Radio NewsHub