02 March 2022
The Department for Business, Energy & Industrial Strategy (BEIS) and the Office for Life Sciences (OLS) have announced a new fund to support businesses investing in life sciences and manufacturing projects in the UK.
The Life Sciences Innovative Manufacturing Fund (LSIMF) will provide £60 million in capital grants for the manufacture of:
- human medicines (drug substance and drug product)
- medical diagnostics
- MedTech products
The LSIMF will support eligible projects with a total investment value of more than £12 million. BEIS and OLS will prioritise applicants based on their alignment to the fund’s objectives:
- Creating economic opportunity through investments that will provide high-wage, high-skilled jobs.
- Deploying cutting-edge innovations (at both pilot and commercial scale) which can be embedded in either the product itself or the manufacturing process.
- Increasing health resilience, either through increased domestic capacity or by providing flexible capabilities that can be re-deployed in some way in a future health emergency.
- Minimising impact on the environment, which might include reduction in input resources or using alternative input materials to become more sustainable or support the government’s net zero target.
Further details, including eligibility criteria, can be viewed via the link below.