Joint statement calls for increase in funding for innovative work over the next 10 years
The UK’s four national academies have called on the government to increase investment in research over the next decade or risk being overtaken by international competitors. In a joint statement, presidents of the Academy of Medical Sciences, the Royal Academy of Engineering, the British Academy and the Royal Society stressed the importance of research and innovation to the UK economy, and said a commitment to increase funding over the next 10 years is needed.
The Academy of Medical Sciences president John Tooke said: ‘Every £1 increase in public funding for medical research stimulates up to £5 of investment into research by the pharmaceutical industry. The UK is responsible for 14% of the top 100 medicines in use today, second only to the USA. We must stay at the cutting edge of research to reap the financial and social rewards of its translation.’