Four UK Life Science Firms Snag £277M Boost in Innovative Manufacturing Fund
Four homegrown life sciences companies have landed the first wave of the Life Sciences Innovative Manufacturing Fund (LSIMF) grants, grabbing a chunky £277 million to turbocharge medical diagnostics and human medicine production across the UK.
£17M Public Cash Sparks £260M Private Investment, Creates 320 Jobs
- The £17 million government funding unlocked an additional £260 million in private investment.
- This cash injection is set to create 320 new jobs and safeguard 199 existing roles.
- Projects span locations from North Wales to Northern Ireland, supporting a booming sector.
The fund builds on the success of the earlier Medicines and Diagnostics Manufacturing Transformation Fund (MDMTF), which pumped £75 million into the sector, resulting in 224 new jobs and protecting 345 roles.
Big Winners: Ipsen, Pharmaron, Touchlight & Randox Grab Major Stakes
- Ipsen: £75 million investment to ramp up neurological medicine manufacturing in Wrexham, creating 39 new jobs and safeguarding 37.
- Pharmaron: £151 million to quadruple gene therapy and vaccine production in liverpool/" title="Liverpool" data-wpil-keyword-link="linked">Liverpool, adding 174 jobs and protecting 156.
- Touchlight: £14 million to scale up DNA manufacture in Hampton, London, creating 17 new jobs and saving 6.
- Randox: £36 million to modernise antibody production in Crumlin, Northern Ireland, creating 90 new jobs.
Government Backs Life Sciences As UK Poised to Become Global Superpower
“The UK’s £94 billion Life Science sector provides over 250,000 high skill jobs from drug discovery to medtech and digital health,” said Science Minister George Freeman.
“This fund is already converting £17 million in grants into £260 million of industrial investment, fuelling the next-gen manufacturing plants.”
Chancellor Jeremy Hunt added, “The UK is Europe’s largest life science hub – a true British success story including the first COVID vaccine. We want to back more cutting-edge projects to develop, manufacture, and export tomorrow’s treatments.”
Minister of State for Health Will Quince said, “We’re harnessing the same spirit that delivered the COVID vaccine, working with industry to speed cutting-edge medicines to patients and cement the UK’s global life sciences leadership.”
This announcement comes ahead of the Treasury Connect conference held on 29 March 2023, where UK life science experts will gather to discuss how to keep the sector thriving and drive the national economy forward.
