The government have recently established a fund worth nearly £200 million in order to help small companies and academic institutions deal with some of the healthcare problems being faced by the country.
The money is being put towards something called the Biomedical Catalyst which was launched by David Cameron last December. The money is going to go towards helping to fund medical technologies that have been developed and help them become commercially successful.
The fund is going to be open to academics and small businesses and it is expected that it is going to have a positive impact on the economy as well as the state of healthcare in the country. Many innovative technologies are expected to be developed in the industry and the best of them are going to be encouraged and developed into commercially viable products.
The government has stated that they are committed to developing these medically beneficial products and that they understand the bright future that can be developed from the laboratory. They understand the value of investments in new developments such as drugs, and it is expected that this money is going to help bridge the gap between development science and patients who can benefit from these medical treatments.
There are three different types of grant that are going to be made available and it is going to be easy for academics, businesses, or a combination of both to apply from them. The maximum award size that can be given out to one institution is going to be £3 million and this is largely going to be targeted towards those who have begun to develop the drug, and have gone beyond the feasibility study stage.
The money is going to be particularly awarded to those companies who are dealing with specific healthcare problems seen in the country