Economy Minister has launched the Future
Medicines Institute (FMI), a £55million industry-led
collaborative initiative aimed at advancing the north's Precision
Medicine sector.
Backed by a consortium of leading companies in Precision Medicine
and supported by leading academics from Queen's University
Belfast and Ulster University, FMI will drive innovation and
productivity in Precision Medicine, building on Northern
Ireland's strong reputation in diagnostics and therapeutics.
Minister Murphy said: “This £55million investment in the
Future Medicines Institute is a landmark step for Precision
Medicine in the north which will strengthen our Life and Health
Sciences sector and reinforce the region's role in global
healthcare innovation.
“FMI will foster collaboration across industry, academia,
and healthcare to accelerate the development of new drugs and
diagnostics, driving growth in our economy. It will provide a
vital pathway to speed up patient access to personalised
treatments, streamline drug development processes, and bring
innovative solutions to market at pace.”
The industry consortium has been offered £35m from the Northern
Ireland Executive towards FMI, with the consortium members
contributing an additional £20m. This will fund a wide range of
collaborative R&D activities between the companies and
universities. It will also create a shared lab within Queen's
University Belfast, where industry and academics can come
together to collaborate and access leading edge
technologies.
Professor Ian Greer, Vice-Chancellor of Queen's University
Belfast, said: “Queen's is proud to be hosting this initiative,
working in partnership with industry experts and Ulster
University to advance novel therapeutics and diagnostics. The FMI
will stimulate the creation of a cluster for innovation, talent
development, and global partnerships within Northern Ireland's
Life and Health Sciences sector.”
The industry consortium is made up of Diaceutics PLC, Fusion
Antibodies PLC, Randox Laboratories Ltd, Almac Group, Sonrai
Analytics, Exploristics and ProAxsis.
Ryan Keeling, CEO of Diaceutics PLC said: “The Future Medicines
Institute represents a pivotal step forward for Precision
Medicine. At Diaceutics, this collaboration provides an
opportunity to harness data-driven insights and cutting-edge
technology to improve outcomes across the healthcare sector. By
joining forces with other local companies through FMI, we're
reinforcing Northern Ireland's role as a leader in Precision
Medicine.”
The FMI will also focus on skills development, leveraging the
local universities and colleges to address talent gaps in the
sector, foster spinouts, and drive job creation, supporting the
broader Northern Ireland economy.
UK Research & Innovation (UKRI) will manage the delivery of
the projects within FMI. Dame Jessica Corner, UKRI SRO for Place
and Chair of SIPF, said “We are delighted to welcome the Future
Medicines Institute to the Strength in Places Fund programme.
Funding from the Northern Ireland Executive for the Institute has
enabled a very strong project from the initial competition to
join the other UKRI Strength in Places Projects and demonstrates
how highly the programme is regarded.
“We look forward to supporting the Future Medicines Institute to
benefit very quickly from all the experiences and insights we
have gained from the programme and all the other projects to
deliver real benefits for the Northern Ireland economy and widely
for society.”
