George Osborne
On a visit to drug developer Redx Pharma's Alderley Park site in Macclesfield, Chancellor George Osborne announced £5 million will be made available for a new Catapult centre focusing on medicines technologies.
Construction of the Catapult in Medicines Technologies centre at the prestigious Alderley Park is all set to go ahead in 2015/16. As outlined by Osborne, it will bring together the very best of businesses, researchers, engineers and clinicians under the one roof to foster innovational collaboration with startups.
The centres began to emerge in 2011, their purpose being to assist struggling enterprises that do not have the necessary funds, expertise or facilities necessary for bringing their ideas to market.
Osborne said: "To make the most of Britain's leading expertise in science and innovation, we must back ideas at every step of the way. Today's news and £5m investment will help put the UK in a world-leading position to support every single stage of the life sciences innovation life cycle and is exactly what is needed to develop the next generation of unbeatable British leaders in this area.
"I am particularly pleased to announce that Alderley Park will benefit from this investment as this is another step in putting science and innovation right at the heart of the Northern Powerhouse."