Northern Ireland to Receive £7.5 Million UK Government Launchpad Funding for Fostering Innovation and Business Expansion

credit: yahoo

UK (Parliament Politic Magazine) –  The UK Government Allocates £7.5 Million for Advancing Healthcare Solutions and Medical Breakthroughs in Northern Ireland

The UK government has unveiled a funding initiative named the ‘Life and Health Sciences Launchpad’ program, which will provide grants ranging from £25,000 to potentially £1 million. 

This financial support is intended for businesses and researchers working on innovation projects centered around precision medicine.

UK Government’s £7.5 Million Funding Boost for Healthcare Innovation in Northern Ireland

This program is one of eight ‘launchpads’ introduced by Innovate UK, aimed at nurturing innovation clusters throughout the UK that exhibit substantial growth potential. The objective is to generate employment, stimulate economic growth, and enhance productivity.

In particular, the Northern Ireland launchpad is tailored for the life sciences innovation cluster. The proposal was spearheaded by the Health Innovation Research Alliance NI (HIRANI) in collaboration with Invest NI and all 11 councils

Joann Rhodes, the Chief Executive of HIRANI, expressed, “The latest grants and support from Innovate UK are poised to be transformative in empowering health and life sciences enterprises, regardless of their size. They will unlock their full potential and contribute to the creation of high-quality, highly skilled jobs, fostering growth and training opportunities within our region.

Invest NI Applauds Local Collaboration in Driving Precision Medicine Growth

Nevertheless, this marks just the beginning of our aspirations for this area. The life sciences sector is currently the fastest-growing in Northern Ireland, with over £200 million invested in infrastructure and a pipeline of new projects exceeding £1 billion yet to be unlocked. 

Positioned strategically between the UK and EU, with robust connections in the United States, we are well-prepared to capitalize on these investments and are committed to seizing every opportunity that comes our way.

Successful recipients will benefit from comprehensive business support, tailored expertise in the life science market, and access to domestic, Irish, and global networks for potential matched investments in the future.”

Jeremy Fitch, representing Invest NI, emphasized that the funding award underscores the strength of local cooperation.

“We wholeheartedly embrace this essential funding from Innovate UK, as it will bolster Northern Ireland’s life sciences firms in their quest to advance diagnostic and therapeutic technologies, thus propelling the expansion of Northern Ireland’s precision medicine sector.”

Northern Ireland’s Department for the Economy Prioritizes Life and Health Science

Kerry Curran, the Director of GB and EU Trade within the Department for the Economy, stated, “Life and Health Sciences, including our remarkably innovative precision medicine cluster, are focal points that the Department is actively advancing through its 10X Economy Vision

The Launchpad initiative serves as a clear affirmation of the remarkable growth prospects within precision medicine and the broader life and health science sector in Northern Ireland.”

To aid those seeking collaboration or support for application development, HIRANI has organized an informative event scheduled for November 10 at the Waterfoot Hotel, running from 2 pm to 4:30 pm.

As part of this program, small and medium-sized enterprises (SMEs) located in Northern Ireland have the opportunity to seek competitive grant funding, ranging from £15,000 to £1 million, for projects that exhibit outstanding potential to make a significant impact on the region.

To qualify for this funding, businesses should be actively engaged or expanding their operations in the domains of precision medicine, encompassing diagnostics, medical technology (med-tech), digital health, or therapeutics, with a focus on Northern Ireland.

Read More: Small Business Owner In The UK Suffers A Loss Of £1.6m Through Fraud In 20 Minutes 

Opportunity for Northern Ireland SMEs to Secure Grants for Precision Medicine Projects

The competition will commence on October 30, and SMEs are encouraged to register for a briefing session taking place on November 10 in the north-west, as well as an Innovate UK KTN event scheduled for November 23 in Lisburn.

The Department places a high priority on Life and Health Science, particularly our exceptionally innovative precision medicine cluster, as part of its 10X Economy Vision. The Launchpad initiative serves as another strong affirmation of the unparalleled growth prospects within precision medicine, as well as the broader life and health science sectors in Northern Ireland. 

The Department eagerly anticipates collaborating with partners across the life and health science ecosystem to maximize the advantages and harness the growth potential offered by this opportunity.

Beth Malcolm

Beth Malcolm is Scottish based Journalist at Heriot-Watt University studying French and British Sign Language. She is originally from the north west of England but is living in Edinburgh to complete her studies.