The new fund, announced on Monday, November 30 November, will improve medicine supply chains and create thousands of jobs, supporting the Government’s ambitions to build back better, ensuring greater resilience in UK medicines supply chains
The Prime Minister will launch the Government’s new capital investment fund, the Medicines and Diagnostic Manufacturing Transformation Fund, while visiting North Wales later today.
This will open up investment opportunities for medicines manufacturers in England, Scotland and Wales – improving our domestic medicine supply chains and creating thousands of highly skilled jobs in the process.
This will put UK companies ahead of global competitors in advanced medicines manufacturing, while helping them respond to future healthcare needs – and increasing the overall health resilience of the UK.
Prime Minister Boris Johnson said: “This new £20m (€22m) 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.”
With two-thirds of life science manufacturing jobs already outside London and the South East, the fund will also open-up economic opportunities in different parts of the UK, creating thousands of new, highly skilled manufacturing jobs while safeguarding existing jobs.
This multi-year fund, run through a competitive process overseen by the Department for Business, Energy and Industrial Strategy, will have an initial pot of £20m (€22m), which will be available from next year, as part of the government’s 2021/2022 Spending Review announced by the Chancellor on November 25, with more information being made available over the coming months.
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