Government offers further £220m to support exploitation of cutting edge technologies
On 1st October, Chancellor Philip Hammond unveiled a package of support which includes £220 million for the life science and university sectors to help technology breakthroughs translate into commercial success, as well as action to ensure disruptive businesses thrive in the UK.
The package includes:
- £100 million of funding to extend and enhance the Biomedical Catalyst, supporting innovative UK life science companies to translate cutting-edge medical technologies into commercial success
- £120 million to incentivise university collaboration in tech transfer and in engaging with business, helping transform research at universities and institutions into viable business ventures
expanding the successful Challenger Business Programmes to address regulations that pose the largest barriers to the adoption of disruptive technologies
The £100 million funding for the Biomedical Catalyst (BMC), a unique partnership between Innovate UK and the Medical Research Council (MRC), will extend and enhance the programme for the next four years. The BMC provides grant support to ensure that emerging disruptive healthcare technologies in disease prevention, earlier diagnosis and tailored treatments are delivered to market. The programme offers funding at varying stages of technical and commercial development from feasibility studies through to proof of concept and early clinical trials.
Read the announcement in fullhere.