The UK’s ability to respond to future pandemics will be strengthened thanks to a new £20m fund to expand medicines manufacturing, Prime Minister Boris Johnson announced.
The Prime Minister will launch the government’s new capital investment fund, the Medicines and Diagnostic Manufacturing Transformation Fund, while visiting North Wales.
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 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.”
The pandemic has shown the importance of having a strong domestic medicines and diagnostics manufacturing industry. This new fund has been established to grow and strengthen the UK’s capabilities, by encouraging companies to develop new technologies, build new factories and harness new advances, including bioprocessing, data and using greener manufacturing processes.
This fund will have an initial pot of £20 million, which will be available from next year, as part of the government’s 2021/2022 Spending Review announced by the Chancellor on 25 November.
Eligible manufacturing companies can bid for the fund to help with their capital costs.
More information will be made available over the coming months, ahead of the fund launching mid-next year. The fund will be run through a competitive process overseen by the Department for Business, Energy and Industrial Strategy.