The UK Government has announced a new capital investment fund to support Medicines and Diagnostics Manufacturing. Planned to launch in mid-2021 with an initial provision of £20m, it is intended to build capacity and resilience in the UK medicines supply chain. The initial announcement and press release indicate that the emphasis will be on the manufacture of advanced medicines and may favour investment in UK regions outside London and the South-East. Details have yet to be announced, but funding will be subject to competitive bids and managed by the Department for Business, Energy and Industrial Strategy.
This initiative shows government intent to support the pharmaceutical sector in the UK. However, £20m does not go very far in the pharmaceutical manufacturing industry and the aspiration that it will create thousands of highly-skilled jobs must rely on significantly greater parallel investment (capital and revenue) by the industry itself. Even if this multi-year fund receives further cash, great care will be needed to ensure sufficient focus, if the desired outcomes are to be achieved. Assuming that the fund has been created out of prior government discussions with the industry, such engagement should continue while the operational details of the fund are developed, to ensure that it is fit for purpose from the start.
Queen’s House Consulting can support such a partnership between government and industry, offering independent review of proposed mechanisms, so that the fund arrangements offer net value to pharmaceutical sector of the economy. If you are involved in this collaboration and would benefit from such a service, please contact Queen’s House Consulting to discuss your particular needs.
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