The UK government will offer up to £86 million in funding to UK firms that work to develop ‘medical breakthroughs.’ Funds will go to small and medium sized enterprises (SMEs) that wish to develop and test new medical technology in the NHS. Ultimately, the funds are designed to get new technologies into practice and to benefit patients as quickly as possible.
The £86 million includes £39 million for the Academic Health Science Networks, $35 million to Digital Health Technology Catalyst for innovators, up to £6 million for SMEs, and a £6 million Pathway Transformation Fund that will help to implement new technology into the everyday practices of the NHS.
Lord Prior, Business Minister, said of the new set of funds:
“The government has an important role to play in driving innovation that will increase economic growth and support businesses across the country. Through this funding we will quicken the pace of scientific discovery and innovation in the UK. Our Industrial Strategy will boost our status a global hub for life sciences.”