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UK Budget includes statement on medical device future regulation potential

  • Posted by: inetika
  • Category: GLOBAL NEWS

In the UK Chancellor of the Exchequer’s budget statement on Wednesday 15 Marcy 2023, the potential future of medical device regulation was included. Based on an interim report from Sir Patrick Vallance, UK Government Chief Scientific Adviser, dated 8 March 2023, the Chancellor announced a commitment to some of the early outcomes of the ‘Regulatory Reform’ work being undertaken by Sir Patrick.

In his speech to the House of Commons, the Chancellor stated:

“From 2024, [MHRA] will move to a different model which will allow rapid, often near automatic sign-off for medicines and technologies already approved by trusted regulators in other parts of the world such as the United States, Europe or Japan.

At the same time from next year they will set up a swift new approval process for the most cutting-edge medicines and devices to ensure the UK becomes a global centre for their development.

And with an extra £10m of funding over the next two years they will put in place the quickest, simplest, regulatory approval in the world for companies seeking rapid market access.”

A copy of the letter sent from Sir Patrick Valance to the Chancellor ahead of the budget statement can be accessed from here.