The Government has announced £180m of grant funding for small and medium sized (SME) firms and academics to develop health breakthroughs.
The ‘Biomedical Catalyst' will involve the Medical Research Council (MRC) and the Government's Technology Strategy Board work to take promising ideas from sectors or disciplines that demonstrate the potential to provide significant positive healthcare and economic impact British through to commercial success.
Three categories of grant awards will be available through the Biomedical Catalyst scheme - feasibility, early stage and late stage. Individual grants to businesses will range from a maximum of £150,000 for feasibility awards to £3 million for early and late stage awards.
Sir John Savill, chief executive of the Medical Research Council said:"The MRC is particularly keen to help SMEs engage with clinical proof of concept studies, where partnerships with academic research groups and patient participation are vital.
"It will also build on the significant investment we have made in our existing translational research initiatives to help us deliver the health impacts of fundamental research to people more quickly."
Projects can focus on stratified therapy development, regenerative medicine, diagnostics, electronic health and mobile health solutions, enabling medical technologies and devices. The programme will seek to support those opportunities which demonstrate the highest scientific and commercial potential, irrespective of medical area.
David Willetts, Minister for Universities and Sciencesaid: "One of the key challenges is tackling the so-called ‘valley of death'.
"This exists between the moment that a bright new idea is developed in the laboratory and the point when a new drug or technology can be invested in by the market.
"The £180 million Biomedical Catalyst programme will bridge this funding gap and support innovative businesses and our research base, bringing benefits for patients and the economy."
