The UK government has pledged £1.5 billion ($2.1 billion) for R&D in life sciences over the next four years. 

Speaking at the BioIndustry Association (BIA)’s Gala Dinner, Liz Kendall, the Secretary of State for Science, Innovation and Technology, confirmed the funding for life sciences as part of the government’s pledge to scrap short-term funding cycles for key R&D institutions.  

As part of the government’s investment in the sector, Kendall announced the MRC Lab for Molecular Biology, based in Cambridge, will receive 10 years of guaranteed government funding. This will start with around £50 million ($68 million) a year over the Spending Review period.   

“This sector is one of Britain’s greatest national assets,” Kendall said. 

“When we work in partnership patients get faster access to the best possible drugs, more British companies start-up, scale-up and stay in the UK and jobs are created, putting more money into people’s pockets and boosting our economy.”