Chancellor Welcomes £50m Boost for Medicines Manufacturing
- Date: November 1, 2024
- Source: GOV UK
Summary:
Chancellor of the Exchequer Jeremy Hunt has announced a £50 million investment to support the growth of medicines manufacturing in the United Kingdom. The funding will be used to establish a new Medicines Manufacturing Innovation Centre (MMIC) in the North East of England.
Key Points:
- The MMIC will bring together industry, academia, and healthcare professionals to develop new technologies and processes for medicines manufacturing.
- The Centre will focus on areas such as advanced manufacturing techniques, automation, and digitalization.
- The investment is expected to create up to 1,000 new jobs in the sector.
- The government aims to make the UK a global leader in medicines manufacturing, with a target of doubling the value of the industry by 2030.
Chancellor’s Statement:
“This £50 million investment is a major boost for our medicines manufacturing sector,” Chancellor Hunt said. “It will help us to develop the next generation of medicines and technologies, and create high-value jobs in the UK.”
Industry Reaction:
The announcement has been welcomed by the pharmaceutical industry. Richard Torbett, Chief Executive of the Association of the British Pharmaceutical Industry (ABPI), said:
“This investment is a significant step forward in the UK’s ambition to become a global hub for medicines manufacturing. The MMIC will bring together the expertise and resources needed to drive innovation and competitiveness in this vital industry.”
Background:
The UK medicines manufacturing sector is currently worth around £18 billion annually. The government believes that the industry has the potential to grow significantly, with the MMIC playing a key role in this.
Additional Information:
- The MMIC will be located at the National Biologics Manufacturing Centre (NBMC) in Darlington, County Durham.
- The Centre will be operated by a consortium led by CPI and including partners such as the University of Leeds, Newcastle University, and the NHS.
- The project is supported by £15 million of funding from the UK government and £35 million from industry and academia.
Chancellor welcomes £50m boost for medicines manufacturing
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