Economy Minister Dr Caoimhe Archibald confirmed on 30 September that a new investment of £11.7million will accelerate pharmaceutical innovation and assist enterprises in launching novel products.
The funding originates from UK Research and Innovation's Local Innovation Partnerships Fund, marking the inaugural project within the £30million budget designated for the Belfast-Derry Innovation Corridor.
Approval was granted by the local LIPF Innovation Panel, which includes representatives drawn from academia, industry and government sectors.
Queen's University Belfast and Ulster University are set to deliver iPHARMA, a venture offering specialist facilities and expertise to support the development and manufacture of advanced pharmaceutical goods.
The project will collaborate with key partners in each location to leverage regional strengths and knowledge bases.
UK Research and Innovation operates as the largest public funder of research and innovation in the United Kingdom, maintaining an annual budget of approximately £9billion.
The Local Innovation Partnerships Fund represents a flagship government programme delivering £500million to strengthen innovation economies across the nation.
This initiative aims to unite local leaders, businesses and research organisations to generate new employment and drive productivity-led growth.