19 July 2021 | News
The new Life Sciences Vision sets a 10-year strategy for the sector to resolve major healthcare challenges of the generation including cancer and dementia.
Photo Credit: Gov.UK
The United Kingdom (UK) government aims to accelerate the delivery of novel innovations at patient care through the new UK Life Sciences Vision launched on 6 July.
The UK Life Sciences Vision considers it as a 'bold ambition for the next decade to ensure scientific excellence, partnered with the dynamics of industry' essentially repurposed to augment the national health system (NHS) to solve the pressing healthcare challenges. In total, £1 billion of new funding is available for the UK’s most promising life sciences companies, with the potential to crowd in further funding from other investors.
This investment vision targets seven (7) critical healthcare missions that government, industry, the NHS, academia, and medical research charities for collaboration full throttle to solve novel healthcare challenges from cancer to dementia.
Life Sciences Vision's central focus is on cultivating a business environment in which UK life sciences firms can access finance to innovate and grow, are regulated in an agile and efficient way. With an emphasis on supporting private sector firms, a 'pro-enterprise environment' agenda, and access to capital, incentivizing onshore production while commercializing their drugs and devices in the UK.
The UK government has launched its Life Sciences Investment Programme with a £200 million investment to unlock the potential of innovative UK life sciences companies.
These missions will focus on:
The objectives of the mission are to;
The Vision looks to emulate the successes of the UK Vaccines Taskforce – harnessing private sector expertise and removing unnecessary bureaucracy so that the UK’s most knowledgeable industry leaders can tackle future healthcare challenges at speed and at risk.
The new vision will ensure regulatory freedoms and opportunities which are currently under European Union. The Medicines & Healthcare products Regulatory Agency (MHRA) will be able to act as an independent, sovereign regulator.