New £20m fund to grow UK life sciences manufacturing opens for applications
Life science companies can now apply to the new £20m fund to expand manufacturing in the UK, Minister Nadhim Zahawi has announced.
Announced last November by the Prime Minister Boris Johnson and opening for applications as of Wednesday 7th April, the Medicines and Diagnostics Manufacturing Transformation Fund is designed to boost the country’s ability to respond to future pandemics and put UK companies ahead of global competitors.
With two-thirds of life science manufacturing jobs already outside London and the South East, the new £20m fund will also open up economic and investment opportunities for manufacturers across the whole of England, Northern Ireland, Scotland and Wales, improving our domestic supply chains and safeguarding and creating hundreds of highly skilled manufacturing jobs.
The UK’s health and life sciences industries have a combined turnover of £80bn and support 256,000 jobs globally.
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.”