Future Medicines Institute Launched in Northern Ireland

The Future Medicines Institute (FMI) has been launched in Northern Ireland with a £55 million investment aimed at advancing the Precision Medicine sector. Economy Minister Conor Murphy announced that this industry-led initiative will enhance collaboration among companies and academic institutions, including Queen's University Belfast and Ulster University, to foster innovation in drug development and diagnostics. The funding includes £35 million from the Northern Ireland Executive and £20 million from consortium members, facilitating collaborative R&D, the establishment of a shared lab, and talent development in the region. The FMI is expected to accelerate patient access to personalized treatments and strengthen Northern Ireland's role in global healthcare innovation. The consortium comprises several leading firms in the field, including Diaceutics PLC and Randox Laboratories Ltd, and aims to address talent gaps while driving job creation in the local economy. With this initiative, Northern Ireland hopes to mitigate the 'brain drain' and support the growth of its Life and Health Sciences sector.