New analysis by Medilink Midlands reveals it has helped the region’s life sciences companies to secure investment of £77 million, which has contributed to the creation of high level jobs for the Midlands.
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Chief executive Simon Himsworth said: “Medilink Midlands is a life science industry association working to help companies in the Midlands’ life sciences sector to establish themselves, develop and achieve long-term growth.
“Our mission is to be at the forefront of delivering direct support to the region’s life sciences industry and working with companies in the sector to help them secure almost £80 million in funding – made-up of £37 million from private investment and £40 million in public funding - since 2019, is clear evidence we are fulfilling this.
“The fact the funding has been instrumental in the creation of over 190 new high-level jobs is significant news for the region.”
The information also reveals that Medilink Midlands has engaged with 1,700 of the sector’s SMEs and was involved in 47 university collaborations and 34 traineeships for life sciences businesses.
Himsworth added: “Understanding and navigating the legislation and funding landscapes to support innovation remains a major challenge for Midlands life sciences companies.
“We are seeing an increase in requests for advice on regulatory support, identified as one of the most recognised barriers by industry, amidst growing calls for support on medtech specific requirements and CE to UKCA marking both of which have implications on import/export products, European Authorised Representatives, and the challenges of clean growth, and insufficient skills.
“We estimate over 80% of the region’s life sciences companies find the access to funding and the funding application process a major problem, as are the costs to implement and achieve Net Zero for their business.
“They are turning to us for advice and information on this, as well as how best to tackle Brexit-related issues, how to apply for and access funding, and with help to fully understand the raft of legislation with which they need to comply.
“Medilink Midlands remains focused on championing the region’s regional life sciences industry. We fully support the government’s decision to allocate £1.6 billion funding for regional investment as part of the ‘level-up’ process. Hopefully, this will help address the current concentration of Gross R&D expenditure in London, the Southeast and East of England, especially as we approach the deadline for the end of EU structural funding.
“With our skills, knowledge, expertise, network and connections, Medilink Midlands has the resources to deliver relevant industry support. We continue to create connections and opportunities through engagement with organisations including the Office of Life Sciences (OLS), LEPs, Chamber of Commerce, universities in Nottingham, Birmingham and Lincoln, Innovation Accelerators, Midlands Aerospace Alliance and Midlands Health Board.”
