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Multi million pound handout for vaccine library in the Budget

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£1.6 million of extra funding was announced for the COVID-19 vaccine rollout

A £5m investment in manufacturing to deliver a library of vaccines – just one of the Chancellor’s handouts. Andrew Meade, Accenture UK&I Life Sciences lead exclusively assesses the impact of the Budget on the health tech sector for Health Tech World.

“Over the past year, the UK has emerged as a dominant player in the global life sciences industry. With the rollout of its COVID-19 vaccination programme – it is not a coincidence that two of the FTSE100’s ten most valuable companies are pharmaceutical companies.

Looking to the UK’s future in a post-Brexit world, there is now potential for the UK to become the global leader for life sciences, with great economic potential for the country.

Today’s Budget announcement recognises this emergent status for the UK’s life sciences industry, building on the UK’s immense intellectual property to encourage investment into the sector.

In addition to the extra £1.65 billion cash injection to ensure the vaccination roll-out in England continues to be a success, the industry will welcome the £375 million UK-wide ‘Future Fund: Breakthrough’, investing in cutting-edge, innovative companies across life sciences, quantum and clean tech.

Of particular note is also a £5 million investment in clinical-scale mRNA manufacturing to create a library of vaccines to combat variants of COVID-19 and enable a rapid medical response to future outbreaks of the virus.

“All of this will help build on the UK’s successful vaccine roll out and lay the foundations for the nation to be a leading light in the future of life sciences globally. There is a real opportunity to build on the unique collaboration we have seen across the industry, government and regulators in response to the pandemic to help shape the future of medicine and science in the UK”.

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