In recent days, the Government has unveiled a new innovation fund aimed at small and medium-sized enterprises (SMEs) that are involved in improving the diagnosis and treatment of diseases.
The new fund, which has been launched in collaboration with Innovate UK, is geared towards medicine-focused businesses that are interested in developing:
- Next-generation medical diagnostics tools, such as molecular and cellular applications, imaging tools and ‘medtech’ devices.
- Wearable or ‘implantable’ devices aimed at monitoring patients outside of hospitals and GP practices
- Artificial intelligence (AI) applications to work alongside ‘medtech’ devices.
- Gene therapies, cell therapies and immunotherapies and more.
Innovate UK has reportedly set aside a sum of £6 million in grants which will be up for grabs for eligible businesses from 23 July 2018.
Eligible projects must last 24 months or less and have total costs of between £500,000 and £1 million, while applicants must send in their applications before midday on 26 September 2018, the Government has said.
In a recent press release on the GOV.UK website, it added: “We are inviting funding applications for projects that will advance precision medicine technologies to support early and accurate diagnosis and inform treatment options. They should help to ensure that the right treatment is selected for individual patients, first time.”
At Moore Thompson, our grant funding team specialise in advising all kinds of businesses on how to obtain grants. To find out how we can assist you, or any other grant or funding issues, please contact us today.