Government announces £17m for life sciences and mental health
26 Oct 2017
The UK government has announced £17 million of new funding to help life sciences firms discover new drugs and support mental health treatments.
The funding was announced yesterday (25 October) by Chancellor Philip Hammond at biomedical research centre the Francis Crick Institute.
Speaking at the Institute, Hammond said: “The UK has world-leading expertise in life sciences – an industry that employs hundreds of thousands of people – and it is through supporting growth in these cutting edge industries that we will build a competitive economy that works for everyone.”
The funding will work to improve health in three areas, the Chancellor said. £5 million has been awarded for a microscope that builds 3D models of biological components designed to help drug discovery become faster and cheaper.
Meanwhile, a £7 million innovation hub aimed at engineering biology, metrology and standards is also being established, while the remaining £5 million will help expand the business catalyst scheme and boost treatment for mental health.
According to the government, this scheme has already produced 26 business spin-outs, 70 patents and £277 million of follow-on funding from the private sector.