The government has announced that life sciences and university sectors will receive a "package of support" including a cash stream of £220 million to help translate technology breakthroughs into commercial successes.

Funding of £100 million is being set aside to extend and enhance the Biomedical Catalyst, a partnership between the Medical Research Council and Innovate UK that aims to accelerate the progress of novel products to market.

Also, £120 million will be streamed into incentivising university collaboration in tech transfer and in engaging with business, helping to create new viable business ventures from university research.

Chancellor Philip Hammond also said the government will expand the Challenger Business Programme, which was launched in 2013 to identify and remove barriers that stop innovative businesses from thriving.

The Association of the British Pharmaceuticals Industry welcomed the move, which chief executive Mike Thompson said "demonstrates the Government's continued support for the UK life sciences industry" and "is a clear signal" that the UK "remains a great place for life-sciences".

"We hope that today's investment is just a first step [and] look forward to the publication of the Accelerated Access Review in the coming weeks which should drive further investment and innovation in our sector and subsequently improve access to better treatments for NHS patients," he added.