The Mayor wants ‘Med City’ to mirror the success of Tech City by creating a global hub for medical innovation and discovery that will draw in investment, established pharmaceutical companies and start-ups. The funding, which will be spread over three years, will be used to set up a specialised team to promote ‘Med City’ at home and abroad, attract investment and champion life sciences as a key economic driver in the capital. The Deputy Mayor for Business and Enterprise, Kit Malthouse, will take the initiative forward on the Mayor’s behalf.
The capital is already home to almost 50 clinical research centres, hundreds of life science firms, medical schools such as University College Hospital, charitable institutions, and the currently under construction Francis Crick Institute - one of the most significant developments in UK biomedical science for a generation. The Mayor is creating ‘Med City’ to promote the work of these vital institutions and draw in the investment that will make it easier for those making scientific breakthroughs to remain in the capital, along with any potential jobs and economic benefit, and increase the city’s international competitiveness.
The proximity of London’s world class institutions to the academic heartlands of Oxford and Cambridge also provides an opportunity to grow this sector right across the south-east of England and build strong collaborative partnerships with institutions and companies in this area and beyond.
Speaking at the LEP, which he was chairing for the first time, the Mayor, Boris Johnson, said: "London has an immensely rich heritage in medical research that I want to do much more to support. We have the brains and the money right here, we just need a dedicated team to pull it all together and promote London as the global hub of medical innovation and discovery. The success of the tech city cluster shows what's possible in the digital sphere and I see no reason why medicine should be any different, creating jobs and growth for London's economy in the process."