Prime Minister Theresa May has announced that UK research and development will be given an extra £2 billion a year by the end of this parliament. The real terms increase in government investment for R&D will guarantee that British business remains at the cutting edge of scientific and technological sighting to capitalize on the sector’s potential.
It is expected that this will help to make sure that original products developed in the UK are also commercialized here.
It is also announced that a new Industrial Strategy Challenge Fund, overseen by UK Research and Innovation, that will back precedence technologies such as AI, robotics and biotechnology.
According to Research demonstrations each £1 spent on R&D tax credits presently stimulates between £1.53 and £2.35 of additional investment in the UK, but the HM Treasury will look at whether this provision can be made even more operative to energetically boost innovation.
Mike Thompson, chief executive of the Association of the British Pharmaceutical Industry, said the extra £2 billion a year funding for the sector “a hugely welcome and will be well received by everybody involved in UK life-sciences.”
For encouraging these steps, NHS has the infrastructure to become the go-to place for companies to research, develop and use new medicines,” while “the next wave of medical technologies has the potential to bring investment, highly capable jobs and improved healthcare for patients.
Dated: 22nd November 2016
http://www.pharmatimes.com/news/pm_announces_2bn_boon_for_uk_r_and_d_1177925