George Freeman welcomes the opening of the new Cyclofluidic Lab
21st September 2012
Traditional methods for finding new pharmaceutical drugs are often time consuming and costly, with an average of $166 million having to be spent per each new drug that is launched. In an effort to reduce costs, many companies are increasingly looking to outsource the early stages of this process to offshore contract research organisations. However, the new Cyclofluidic Lab, which I was invited to open in Welwyn Garden City this week, marks a step-change in how the initial stages of drug discovery is carried out, putting the UK at the forefront of this time and money saving innovation.
I continue to maintain that sustainable economic growth will require us to trade our way out of debt by developing and selling products and services the rest of the world needs. Cyclofluidic was formed in 2008 and is funded by direct investment from UCB, Pfizer and the Government’s Technology Strategy Board. The partnership between these organisations and subsequent expansion of Cyclofluidic is a great example of how collaboration can drive just the kind of innovation we need to help ensure the UK remains a world-leader in life sciences and progresses towards economic recovery.
The new lab will hold the first two production versions of the Cyclofluidic Integrated Discovery Platform, which combines a number of cutting-edge technologies to make and screen potential drug molecules, shortening the process and increasing the clinical success rate of the drugs produced. Elizabeth Farrant, Cyclofluidic’s Chief Business Officer, describes the technology as a ‘truly revolutionary approach’.
I thoroughly commend the work that is happening in the Cyclofluidic labs and urge other companies to seek opportunities to work with academia, industry and the NHS. This will ensure patients and the economy can benefit from the latest treatments and technologies. The economic potential of this sector is huge and I will continue my work to highlight this in Parliament.
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For more information on the advances being made at Cyclofluidic you can visit their website: www.cyclofluidic.co.uk