Meanwhile, BioIndustry Association urges Treasury to boost funding for Innovate UK and Biomedical Catalyst
The government has been urged to use the upcoming Comprehensive Spending Review to help increase business R&D investment, through initiatives such as a new Global Collaboration Fund and an R&D Strategy on foreign direct investment.
In its submission to the Treasury, the National Centre for Universities and Business estimates that businesses would need to increase their annual R&D expenditure by £1.95 billion per year for the government to meet its target for overall UK R&D spending to reach 2.4 per cent of GDP by 2027.