The U.K. government is launching an Innovative Medicines Review, which will consider how to speed up patient access to cost-effective and innovative medicines, devices and diagnostics.

The Innovative Medicines and MedTech Review will examine:

• How new approaches to the development of medicines, diagnostic and devices, based on precision medicine and emerging technologies, could speed up access to innovative products for NHS patients
• How more collaborative work between companies and regulatory and evaluation bodies could ensure that innovative products can be assessed more quickly, using better data
• How charities and patient groups can play a greater role so that NHS patients can get access to cutting-edge treatments
• What more can be done to promote the rapid adoption of important medical innovations into clinical practice.

In addition, a package of $98.7 million of new investment has been announced. Merck plans to invest a minimum of $65.8 million in U.K. life sciences over the next three years by creating a new licensing hub in London, expanding research at its Hertfordshire headquarters and funding clinical research in oncology and dementia. Becton, Dickinson, a global medical technology company, is investing $32.9 million to build a next generation blood separation tube production line in Plymouth. The project will create 40 jobs and safeguard 138, and is being supported by a Regional Growth Fund grant of $3.9 million.

The government is supporting investment in life sciences through the Biomedical Catalyst funding program. This funds SME and academic led projects with commercial potential.

Innovate U.K. and the Medical Research Council (MRC) now have allocated another $48.6 million of support from rounds five and six of the program. The two bodies have awarded $313.5 million to over 250 companies and universities, and gained a further $156.7 million in industry co-commitment.