Soon after releasing its “Autumn Statement” in November, the UK unveiled its “Strategy for the UK Life Sciences.” The reports detail the UK’s plans for furthering economic growth and encouraging foreign investment.

The “Strategy for the UK Life Sciences” outlines plans to benefit the industry. The government has designated £310 million ($500 million = £0.62 = $1) for life science research, including £180 million ($290.3 million) to establish a Medical Research Council (MRC)/Technology Strategy Board Biomedical Catalyst Fund for medical advances. Stratified medicine research will receive £130 million ($209.7 million), including £120 million ($193.5 million) for research into disease treatment and £10 million ($16.1 million) for a partnership with the MRC and AstraZeneca, which will supply 22 drug compounds to researchers.

Over five years, the government will spend £50 million ($80.6 million) on the Cell Therapy Technology and Innovation Center (TIC). The MRC, the Engineering Physical Sciences Research Council, and the Biotechnology and Biological Sciences Research Council will contribute another £25 million ($40.3 million) to the TIC. The government will also contribute £75 million ($121.0 million) to construct a biological data storage facility at the European Bioinformatics Institute in Cambridge.

In its “Autumn Statement,” the government’s twice yearly economic plan, the UK announced £200 million ($322.6 million) for science projects, including £80 million ($129.0 million) for the Institute of Animal Health and £25 million ($40.3 million) for large demonstration projects. In October, £50 million ($80.6 million) was allocated for the National Graphene Institute. The government intends to spend £75 million ($121.0 million) to support the inventions of technology-based small and medium enterprises. Beginning in 2013, the UK will implement a tax credit to lure bigger firms to invest in R&D.