Jim Shannon – 2016 Parliamentary Question to the Department for Business, Innovation and Skills

The below Parliamentary question was asked by Jim Shannon on 2016-02-09.

To ask the Secretary of State for Business, Innovation and Skills, what financial assistance the Government has granted to medical companies for medical research.

Joseph Johnson

In the last five years, Innovate UK has committed over £212 million in support of companies commercialising medical research. This includes helping companies to deliver products and services to support people living independently, funding cost-effective treatments, the development of long-term relief and cures for diseases, and commercialising new medical devices, diagnostics and solutions.

Additionally, Innovate UK, through its Catapult network, provides business access to leading-edge technology and expertise in Cell and Gene Therapy, Precision Medicine and Medicines Technologies.

Companies investing in medical research may also be eligible for the Research and Development Tax Credit, which provided £1.75bn of support in 2013/14.