The move comes just days after ministers revealed four projects which will share £17 million to develop data-driven solutions to key healthcare challenges.
This latest competition is part of the Industrial Strategy Challenge Fund to deliver leading-edge healthcare in the UK. The Government hopes the £181 million fund will transform the way the country develops and manufactures medicines and other healthcare products, such as digital technologies, to get the right drugs and treatments to patients when they need them.
There are two competitions that businesses can apply into, depending on the stage of their project they could receive up to £1 million for feasibility studies and up to £8 million for collaborative research and development. The technologies the government suggests looking into are virtual and augmented reality, AI and machine learning, the IoT and data analytics and security.
Only UK-based small or medium-sized businesses (SME) are eligible, and they can work alone or collaborate with others, including businesses, NHS organisations, universities, research and technology organisations, public sector organisations or charities.