The UK government is investing £82.6 million (about $102.2 million) to support AI companies focused on speeding up drug development.
This includes £37.9 million for three research projects through the Research Ventures Catalyst (RVC) program. This investment is boosted by an additional £44.7 million from other sources, totaling £82.6 million.
Two projects specifically target cancer and Alzheimer’s treatments. PharosAI, a startup from King’s College London, will receive £43.6 million to create a platform that provides AI researchers access to vital cancer-related datasets, aiding healthcare advancements. Earlier, in April 2024, PharosAI secured £100,000 in seed funding as part of the RVC program.
The second project involves Bind Research, the UK’s first not-for-profit research organization. With £25.8 million from the government, Bind Research will develop AI tools to analyze drug-protein interactions, targeting proteins that are hard to treat. Their aim is to enhance the speed of drug discovery.
Bind Research’s co-founders—Dr. Gabi Heller, Dr. Thomas Löhr, and Dr. Gogulan Karunanithy—explained that the RVC program has opened doors for a not-for-profit model that the UK hasn’t explored much before.
This funding was announced at the AI Action Summit in Paris on February 10-11. Interestingly, the UK and the US chose not to endorse a declaration supporting responsible and ethical AI use, which was backed by 60 other nations including France and China. The spokesperson for the UK Prime Minister emphasized that any commitments will align with UK national interests.
Recently, the UK government has made strides in promoting AI. The Technology Secretary Peter Kyle introduced the AI Playbook to support public organizations in utilizing AI safely and effectively. The government has also joined forces with the European High-Performance Computing initiative, contributing an additional £7.8 million to support UK researchers and businesses.
AI startups focusing on health technology are on the rise in Europe. Analysis from GlobalData shows a significant increase in AI job postings within the pharmaceutical and healthcare sectors, even as hiring in other related fields has stalled.
GlobalData’s survey reveals that AI is recognized as a major disruptive force across industries, including healthcare. The UK-founded DeepMind team earned the 2024 Nobel Prize in Chemistry for AlphaFold, an AI that predicts protein structures. However, challenges like limited data, biological complexity, and regulatory issues remain significant hurdles.
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