UK Government has announced a £300 million competitive fund to develop the innovations and new technologies of tomorrow. The government has committed to invest in harnessing the power of innovation to help meet the diverse needs of an ageing society as part of the government’s plan to build a Britain fit for the future.
Government is investing over £300 million from its Industrial Strategy Challenge Fund (ISCF) to bring together the UK’s world-class research expertise with business investment to develop technologies and industries that can help the UK prepare for the challenge of an ageing society.
The £98 million ‘healthy ageing programme’ will drive the development of new products and services which will help people to live in their homes for longer, tackle loneliness, and increase independence and wellbeing.
More than 10 million people in the UK today can expect to see their 100th birthday, compared to the 15,000 centurions today. Ageing populations are a global phenomenon that are creating new demands for technologies, products and services, including new care technologies, different housing models and innovative savings products for retirement.
Welcoming the announcement, Business Secretary Greg Clark said, “Through our Industrial Strategy we will not only boost innovation and productivity across the UK, but we will also ensure that this government changes people’s lives for the better. We are investing over £300 million into developing the treatments of the future, in new technologies that will revolutionize the way we age and provide everyone with the best possible chance to grow old with dignity in their own home.”
This allocation funding will see the government invest over £300 million to ensure the UK is able to meet these demands, with £98 million for a ‘healthy ageing programme’ and £210 million for a ‘data to early diagnosis and precision medicine programme’ to improve diagnosis of disease and develop new medical treatments and technologies.
