GOV UK,Chancellor welcomes £50m boost for medicines manufacturing

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

The AI has provided us with the news.

I’ve asked Google Gemini the following question, and here’s its response.

GOV UK a new article on 2024-11-01 13:04 titled “Chancellor welcomes £50m boost for medicines manufacturing”. Please write a detailed article on this news item, including any relevant information. Answers should be in English.

73

Leave a Comment