Life Sciences Sector Applauds Blueprint for UK Industry

The UK’s life sciences trade associations – the Association of British Healthcare Industries (ABHI), the Association of the British Pharmaceutical Industry (ABPI), the BioIndustry Association (BIA) and the British
In Vitro Diagnostic Association (BIVDA) – believe the package of measures announced recently by the Office for Life Sciences in its ‘Life Sciences Blueprint’ provide an excellent basis for firmly securing the future of the life sciences sector and re-establishing the UK’s global competitive position.

Significant measures for industry outlined in the Blueprint, - the result of six months of coordinated activity across four government departments working together with industry, the NHS and academia, - include: Measures that will allow patients faster access to innovative medicines; the establishment of NHS accountability to improve both uptake and engagement between industry and the NHS; the reinforcement of the need for greater emphasis on research in clinical trials in the next NHS Operating Framework; the possibility of a “patent box” tax incentive offering a lower rate of tax on profits derived from patents located in the UK to encourage the creation and exploitation of intellectual property; the launch by the Technology Strategy Board of an £18 million Regenerative Medicine Programme of investment to support key areas of commercial R&D and the development of R&D partnerships, supported by additional funding of £3.5 million from Research Councils; the establishment of a UK Innovation Investment Fund (previously announced on 29 June 09) to invest in
technology-based businesses with highgrowth potential, including life sciences companies, which will reinvigorate private investment in life sciences.

Commenting on the £18 million funding for regenerative medicine, Richard Archer, Chair of the BIA RegenMed Industry Group, said: “The funding announced by the Office for Life Sciences will provide a significant boost for this rapidly developing part of the UK life sciences sector. In combination with the other measures announced by the OLS, this funding will provide a solid foundation on which the UK’s regenerative medicine industry can grow.”