RE: Budget 202315 Mar 2023 22:32
Thanks Burble - I heard the speech and there was more - helpfully, in your link, they have now published the full script and these passages too may be of additional interest to Scancell :-
"So today, I am introducing an enhanced credit which means that if a qualifying small or medium-sized business spends 40% or more of their total expenditure on R & D, they will be able to claim a credit worth £27 for every £100 they spend.
That means an eligible cancer drug company spending £2 million on research and development will receive over £500,000 to help them develop breakthrough treatments. It is a £1.8 billion package of support helping 20,000 cutting edge companies who day by day are turning Britain into a science superpower."
And later - "We are lucky with the MHRA to have one of the most respected drugs regulators in the world, indeed the very first to licence a Covid vaccine.
From 2024, they 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.
At the same time from next year they will set up a swift new approval process for the most cutting-edge medicines and devices to ensure the UK becomes a global centre for their development.
And with an extra £10m of funding over the next two years they will put in place the quickest, simplest, regulatory approval in the world for companies seeking rapid market access.
We are proud of our life sciences sector which received more inward investment than any in Europe last year.
Today’s change will make the UK an even more exciting place to invest – as well as speeding up access for NHS patients to the very newest drugs."
2024 is not far away and
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