Formulation funding set to deliver huge boost to the cosmetics sector

By Michelle Yeomans contact

- Last updated on GMT

Related tags: Chemistry

Formulation funding set to deliver huge boost to the cosmetics sector
The UK’s Technology Strategy Board has awarded over £9.2 (€10.9) million to industries including the cosmetics sector to advance their capabilities in formulation and R&D areas.

The funding comes after the Board held a competition of sorts which encouraged industries to submit their bids as to where the funds should go.

The competition was designed to help unlock some of the huge economic potential by sharing expertise across non-competitive sectors.

Examples of successful bids entered into the competition include plans to create new modelling techniques to speed up formulated product design to reduce the cost of bringing new products to market.

Formulated products combine different ingredients to produce a specific effect, such as drug delivery or skin cream absorption.

Funding will focus on advancing formulation processes

The Board hopes the funding will advance chemistry operations on the whole and bring together non-competing industries in 35 collaborative projects.

According to representatives, this venture could deliver up to £110 (€131) million to UK and has the potential to take the UK chemicals market, worth around £180bn (€214) a year to £1,000bn in emerging overseas markets.

"The product and process design challenge was shared across 19 feasibility projects and 16 collaborative R&D projects and the initial funding was increased by 50% due to the strength of submissions​," they tell CosmeticsDesign-Europe.com.

Venture is first of its kind..

This competition is the first of its kind for the UK formulation and R&D segments, and is expected to be the first step of a big drive in formulation from the Technology Strategy Board and Chemistry Innovation over the next year.

According to Darren Ragheb, who leads on formulation at Chemistry Innovation; “This competition has shown that there is a real appetite for different sectors to work together to improve formulation, so that everyone’s end products benefit.”

And adds that this is just the beginning; "The next step will be the launch of a Formulation Centre to provide a permanent resource to support collaboration in formulationacross sectors​.”

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