In order to give a boost to Indian companies for effective translation and commercialization of life science projects, UK Trade and Investment (UKTI) Life Science Investment Organisation (LSIO) is promoting certain funding and tax incentive schemes.
The schemes are relevant today for life science companies to commercialize medical innovation globally in the context of rising costs, risk and complexity of R&D.
Dr Adam M Hill, Healthcare and Medical Technology Specialist, Life Science Investment Organisation (LSIO) explained, “Healthcare systems are struggling with increasing costs globally. The rapidly growing UK medical technology sector is capable of offering solutions despite a difficult economic climate. Looking beyond the domestic British market, UK offers the ideal gateway to other markets by virtue of strong trade links with Europe and beyond. Besides this, gaining regulatory approval and adoption in the UK can also help get approval within other healthcare systems as well.”
“Considering the fact that the global medical technology market is expected to double to approximately £300 billion by 2015, UK is establishing strong strategic relationships with high-growth markets like India. A culture of low cost, robust innovation has made the life science industry in India a leading destination when searching for healthcare solutions,” he added.
In addition to government backed schemes and incentives, the Medical Charities in the UK are also actively investing in India. The Wellcome Trust continues to build upon its commitment to affordable healthcare.
The new schemes offered by the UK government is bound to boost life science industry in India as UK offers a turnaround period of 54 days for non-CE marked clinical trial approvals in medical technology. This helps countries like India build a body of evidence in support of CE marking in Europe to ensure that it provide technologies to patients two to three years ahead of US and up to five years ahead of Japan.
Amongst the tax incentive schemes, Patent Box allows companies to apply a corporation tax of 10 per cent to profits earned from their UK-registered patents. Soft funding mechanisms have been instigated, including a £180 million Biomedical Catalyst fund replenished recently from the Technology Strategy Board (TSB) to support translation and commercialization of up to 90 collaborative life science projects between industry and academia.
UK is a world leader in health technology assessment and home to the National Institute for Health and Care Excellence (NICE) Medical Technology and Diagnostics evaluation programme. The emerging Academic Health Science Networks (AHSNs) and new National Health Services (NHS) structure with the implementation of Clinical Commissioning Groups (CCGs) will help offer a renewed relationship with the industry.
LSIO is a team of industry veterans and civil service colleagues within UK Trade & Investment, dedicated to stimulating the life science industry.