A unique new fund aimed at protecting the intellectual property of high value health and life sciences businesses in the North East has been announced by the North East Local Enterprise Partnership (North East LEP).
The COVID-19 Patent Protection Scheme is a £300,000 grant fund designed to support high-value proposition (pre-commercial) health and life science businesses negatively impacted by the coronavirus crisis and at risk of losing their patents and intellectual property due to lack of funds.
The scheme has been developed in direct response to the needs and demands of businesses operating in the health and life sciences sector, many of which have not qualified for government support or local authority grants.
Katherine Forbes, Health and Life Science Programme Lead at the North East LEP, said: “For early stage innovation and research-led businesses in the health and life sciences sector, protecting and retaining intellectual property is vital for securing investment and ensuring a strong commercial footing in the future.
“If we don’t support these businesses now we risk losing significant assets, talent and skills, and our future scale-up businesses from the region, and that will damage the sector as a whole.
“The health and life sciences sector is one of four areas of strategic importance identified in the North East Strategic Economic Plan. It has a vital role to play in our economic recovery, which is why the North East COVID-19 Economic Response Group – led by the North East Local Enterprise Partnership – established the COVID-19 Patent Protection Scheme.
“This Grant Fund is unique to the North East. So far, this has not been replicated in other areas of the country. It really demonstrates the North East’s commitment to growing the health and life sciences sector, which contributes more than £1.5bn GVA to the local economy every year.”
Pre-commercial, high value proposition businesses in the North East LEP area with life science-related patent(s) are invited to apply to the fund. Grants of up to £25,000 will be awarded to cover new or essential filings and the costs of retaining patents, or annual renewal fees of patents, incurred from 9 July 2020 – 31 March 2021.
The North East COVID-19 Economic Response Group was established by the North East LEP at the beginning of the coronavirus pandemic to provide business resilience and ensure a collective response to the economic impact of COVID-19 on the North East economy.