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The new "moonshot" plan, as the government refers to it, will be based on using rapid testing of nasal swabs and saliva using platforms with a turnaround time of 20 to 90 minutes.
IVDs in the future will require certification in England, Scotland, and Wales, while companies will still be able to sell tests in Northern Ireland under existing EU regulations.
About 3.4 million people, or 6 percent of the population in England, was likely infected by SARS-CoV-2 by July 13. People of color had higher rates of infection.
Data generated via the platform will be used to inform UK National Health Service policy.
The firms supporting the new lab include Thermo Fisher Scientific, Canon Medical, and Siemens Healthineers, all of which will contribute their know-how and technologies to the effort.
FIND will use the funding to support the development of rapid tests, especially in low- and middle-income countries.
The proposed Medicines and Medical Devices Bill updates the framework for regulating IVDs following the UK's exit from the EU.
IVD manufacturers are hoping questions related to the UK's pending exit from the EU, as well as the new European IVD Regulation, will soon be resolved.
The firm will use funds from the round, led by the Midlands Engine Investment Fund, to develop its optical point-of-care diagnostic testing platform.
While companies are expected to have their IVDs certified under the new regulation by 2022, manufacturers are frustrated by the slow pace of the certification process.