The British government is accelerating growth in the life sciences sector, with a focus on investing in health data platforms.
On Wednesday, the Korea Biotechnology Industry Organization reported that the UK government recently unveiled plans to bolster industrial growth in life sciences. Their ambitious goals include becoming Europe’s leading power by 2030 and the world’s third-largest player by 2035.
The UK government candidly admitted that its approach over recent decades has fallen short, citing excessive regulation, overwhelming burdens, and a failure to harness transformative technologies.
In light of this, they’ve determined it’s time for a targeted, long-term strategy focusing on the highest-growth sectors.
By 2030, the UK aims to lead Europe in the pharmaceutical and medical device sectors. Looking further ahead to 2035, they aspire to become the world’s third-largest country in these fields, following the United States and China.
To achieve these ambitious targets, the UK government is committing $ 808 million to health data research services. Additionally, they plan to invest over $876 million in Genomics England over the next five years.
The UK government has also earmarked up to $477 million for Our Future Health, a comprehensive health data and research program. At least $40 million will be allocated towards preclinical infrastructure for translational research networks, while the UK Biobank, a large-scale biomedical database, is set to receive up to $27 million.
Through the Life Sciences Innovation Manufacturing Fund, the UK government plans to invest $701 million to attract foreign manufacturing companies in related fields and strengthen industrial partnerships. They’ve set a goal of establishing at least one major strategic partnership annually with leading biopharmaceutical companies.
To streamline market access for pharmaceutical companies, the UK government will implement parallel approvals from the Medicines and Healthcare products Regulatory Agency (MHRA) and the National Institute for Health and Care Excellence (NICE). These regulatory bodies will be transformed to become faster and more agile.
The UK government has announced its intention to develop the world’s most advanced, secure, and AI-powered health data platform. As part of this initiative, they aim to reduce the clinical trial approval period to less than 150 days.