UK govt supports regenerative medicines, saying it is a priority area

George Osborne, the UK's Chancellor of the Exchequer, spoke at the Royal Society last Friday of both his belief in the value of science as a driver of the UK economy and his commitment to science funding into the future. In a wide ranging speech on science, technology and growth, the Chancellor indentified eight areas that the government believes that Britain is a world leader, which included regenerative medicine.

Regenerative medicine is set to transform current clinical approaches to replacing or regenerating damaged human organs or tissue, the Chancellor said, noting that the UK retains a leading position in the science and commercial translation of regenerative medicine. Current estimates of the global regenerative medicine industry value it at just over £500 million ($802 million), with forecast generating revenues of over £5 billion by 2021.

Last December, Mr Osborne noted, the Prime Minister launched the government’s life sciences strategy, a detailed plan which is designed to ensure the UK continues to attract the world’s best academics and companies in all areas of the life sciences. "The government has committed £40 million to deliver the Strategy for UK Regenerative Medicine," he stated, adding: "Regenerative medicine is a priority area – and we will have more to say next month."