New technologies could reach the public faster through a dedicated new office that aims to reduce the burden of red tape on innovation and help kickstart economic growth.
The new Regulatory Innovation Office will reduce the burden for businesses hoping to bring new products and services to market in some of the UK鈥檚 fastest-growing sectors.
The organisation has been established within DSIT, where it will incorporate the existing functions of the Regulatory Horizons Council and the Regulators鈥� Pioneer Fund.
Key sectors set to benefit include engineering biology, the use of synthetic biology and biotechnology to create new products and services derived from organic sources; the UK鈥檚 space industry, which supports everything from GPS on phones to vital communication systems; AI and digital in healthcare; and autonomous vehicles such as drones which can deliver emergency supplies to remote areas quickly and efficiently.
The government says the RIO will support regulators to update regulation, speeding up approvals and ensuring different regulatory bodies work together smoothly. It will aim to continuously inform the government of regulatory barriers to innovation and set priorities for regulators which align with the government鈥檚 broader ambitions.
The announcement comes ahead of the UK hosting the International Investment Summit next week and follows a raft of public and private investments aimed at transforming cancer treatments for patients while bringing a wave of cutting-edge UK-made MedTech products to the global market.
鈥淭he launch of the Regulatory Innovation Office, a key manifesto commitment, is a big step forward in bringing the UK鈥檚 most promising new technologies to the public faster and safely while kickstarting economic growth,鈥� said Science and Technology Secretary Peter Kyle.
鈥淏y speeding up approvals, providing regulatory certainty and reducing unnecessary delays, we鈥檙e curbing the burden of red tape so businesses and our public services can innovate and grow, which means more jobs, a stronger economy, and a better quality of life for people across the UK.鈥澛�
Kyle is now looking to appoint the RIO鈥檚 first chair.