Plans to establish new partnerships with other international drug regulators could result in the approval of new drugs for use in the UK.
The UK regulator, the Medicines and Healthcare Products Regulatory Agency (MHRA), will receive 10 million pounds to assist in streamlining the approval process for new medical products, according to Chancellor Jeremy Hunt.
Drugs that have already been approved by trusted regulators could be expedited under the plans for use in the UK. It stated that agencies in the United States and Japan will be the initial regulatory partners with whom MHRA plans to establish new recognition routes. According to the MHRA, it will continue to be in charge of approving all “recognition route applications.
The MHRA stated that the funds, which were made public in the Spring Budget, would also be put toward the creation of a thorough but shortened process to speed up the approval process for various treatments developed in the UK.
Mr. Hunt said that, they are fortunate to have the MHRA, which has one of the most reputable drug regulators in the world and was the first to grant a COVID-19 vaccine license.
According to Jeremy Hunt, from 2024, they will switch to a different model that will allow medicines and technologies that have been approved by reputable regulators in other parts of the world, like the United States, Europe, or Japan, to be approved quickly and often almost automatically.
At the same time, beginning in the following year, they will establish a rapid new approval procedure for the most cutting-edge medicines and devices in order to ensure that the UK becomes a global center for their development.