£10m Biomedical Catalyst competition launches to find innovative healthcare technologies
Scottish SMEs with innovative ideas for solving healthcare challenges can apply for a share of up to £10 million funding through the Biomedical Catalyst 2016 competition.
Funded by Innovate UK, the Medical Research Council and Scottish Enterprise, the competition aims to develop innovative healthcare technologies that offer potential cures, prevent disease, manage chronic conditions or lead to earlier detection and diagnosis.
Jim Watson, director of Innovation at Scottish Enterprise said, “Scotland has a thriving life sciences industry along with a long established reputation for innovation and research capability. This competition is an excellent opportunity for Scottish SMEs to secure funding to develop new products and services that will increase the quality of healthcare for patients across the UK.
“As Scotland’s innovation agency, we’re keen to see the number of Scottish businesses applying for this kind of funding increase, especially as the eligibility criteria is intentionally broad to accommodate a variety of conditions, treatments, solutions and technologies."
This news was part of a funding boost of £57.5 million announced for the UK’s energy and infrastructure, biomedical and quantum technology sectors by Business Secretary Sajid Javid at the first inter-ministerial group on business engagement yesterday.
Business Secretary Sajid Javid said: “Creating opportunities for businesses to thrive in the UK is essential for increasing productivity, creating jobs, and boosting our economy. That’s why government is working with businesses across all sectors to ensure they have the support they need to grow now and in the future.
“Part of our success will be to help propel innovative UK business even further – not only do our world-leading innovators and research base attract foreign investment, their ideas go on to improve the lives of millions of people. Whether tackling climate change or cancer, this new funding will help get the best ideas onto the market quicker and shows our commitment to make the UK the best place in Europe to innovate, set up and grow a business.”
About the Biomedical Catalyst 2016
The world is facing increasing healthcare challenges. There is a growing, ageing population and an increasing burden of disease. Healthcare costs are rising. Current models of healthcare provision are no longer sustainable in the long term. The need to provide efficient and effective healthcare has never been more important.
The aim of this competition is to develop innovative healthcare technologies and processes that will help with:
- disease prevention and proactive management of health and chronic conditions
- earlier and better detection and diagnosis of disease leading to better patient outcomes
- tailored treatments that either change the underlying disease or offer potential cures