The life sciences industry welcomes Lord Mandelson’s announcement of the creation of an Innovation Fund which will be corner-stoned by Government with investment from private investors.
Clive Dix, Chairman of the BioIndustry Association (BIA), commented:
“We are delighted that the Government recognises that life sciences are core to the future of the British economy. This announcement will send a strong signal that the UK is the place to grow companies.
“We welcome the Government’s plan for an Innovation Fund and believe it will make a significant contribution to securing the long term health of the life science sector in the UK, providing much needed follow-on investment to early stage companies developing innovative technologies for the patients that need them.
“This is an excellent first step towards delivering an integrated strategy for life sciences and we look forward to the announcement of a full package of measures from the Office for Life Sciences expected in July.
“The industry has been calling for an Innovation Fund since the publication of the Bioscience Innovation and Growth Team Review and Refresh, published in January and we now look forward to a rapid implementation of the UK Fund so that it can start investing by the end of 2009.”
Richard Barker, Director General of the Association of British Pharmaceutical Industries said:
“The UK’s economy and NHS patients need our country to lead in life sciences. Many great discoveries begin in small companies, many of which face an urgent funding crisis. Meeting this need is an important signal of Government’s intent and a first step towards delivering against an ambitious strategy to put UK life sciences at the forefront of our country’s economic and health future”
Peter Ellingworth, Chief Executive of the Association of British Healthcare Industries said:
“The UK has the most vibrant SME medical technology sector in Europe. To maintain this requires continued investment and the proposed fund is a welcome boost from Government and a recognition of the potential offered by this sector”.
Doris-Ann Williams, Director General of the British In Vitro Diagnostic Association said:
“We also welcome the creation of the Fund which will help the diagnostic sector where the majority of companies are also SMEs”.