The Future Medicines Institute based at Queen’s University Belfast has received £55 million funding aimed at advancing the precision medicine sector. Managed by UK Research and Innovation’s Strength in Places Fund, the Institute is backed by a consortium of medical companies.
Launching the Future Medicines Institute (FMI), Northern Ireland’s Economy Minister Conor Murphy said: “This £55 million 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 laboratory within Queen’s University Belfast, where industry and academics can come together to collaborate and access leading edge technologies. The industry consortium is made up of Diaceutics PLC, Fusion Antibodies PLC, Randox Laboratories Ltd, Almac Group, Sonrai Analytics, Exploristics and ProAxsis.
Pictured above are (l-r): Economy Minister Conor Murphy; Wendy Moore, Director of Data Analytics at Diaceutics PLC; and Professor Sir Ian Greer, Vice-Chancellor, Queen’s University Belfast.
Professor Chris Scott, Dean of Research of the Faculty of Medicine, Health and Life Sciences and Project Lead said: "Queen’s is at the forefront of pioneering research and innovation across health and life sciences, and we are committed to finding new ways to speed up diagnosis and develop life- changing treatments for patients. Working in partnership with industry, clinical experts and academia, the Future Medicines Institute will transform our current capabilities and will provide a translation-focused hub for research, innovation, and skills. It will also become an important part of the innovation network in health and life sciences being developed in parallel through the various regional growth deals including our clinical research facility iREACH.
"This investment in health and research will boost Northern Ireland's sustainability and productivity, whilst translating cutting-edge scientific discoveries into practical solutions that improve patient outcomes and enhance quality of life."
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.