16 March 2023
Delivering the Spring Budget yesterday, Chancellor Jeremy Hunt announced new funding for the MHRA as well as changes to international recognition for products being placed on the market in the UK.
The Chancellor announced that, from 2024, the MHRA “will move to a different model which will allow rapid, often near automatic sign-off for medicines and technologies already approved by trusted regulators in other parts of the world such as the United States, Europe or Japan.”
The announcement explains that the MHRA will have responsibility for all ‘recognition route’ applications. Details of how the process may work and the products it may apply to have not been made available, but the announcement is in line with the proposals for regulatory reform identified by the Life Sciences Council Advisory Group earlier this month.
Also announced was an extra £10m funding over the next two years, intended to facilitate rapid access to new and innovative products.
International recognition and routes to market in the context of medical device regulation have been key components of our engagement with the MHRA in recent years and we will continue to make the case for a pragmatic solution to the regulatory challenges currently facing our industry.