About Innovate UK and their partnership with us.
There is a growing disparity in our society – the lowest income group has 24% fewer people in good health compared to the richest income group.
Up to 75% of new cases of heart disease, stroke and type 2 diabetes are preventable.
By 2035 there will be around 16 million cases of dementia, arthritis, type 2 diabetes and cancers in people aged 65 and over – twice as many as in 2015.
The government has set the ambition ‘for everyone to have five extra years of healthy, independent life by 2035 and to narrow the gap between the richest and poorest’.
At Legal & General, we help people prepare financially for their later years, but we want to do more. We know that to really make the most of their later years, people need to stay healthy for as long as possible. That’s why we are looking for opportunities to invest and partner with successful, innovative businesses that share our desire to improve healthy ageing.
As well as our direct investment in businesses that meet our criteria we also have £6 million in grant funding from the Industrial Challenge Strategy Fund.
Industrial Strategy Challenge Fund
This initiative falls under the government funded Industrial Strategy Challenge Fund. The fund aims to take on major challenges that face our society now and into the future.
The objective is to add five extra healthy, independent years of life by 2035.The £6 million grant will help achieve this. Businesses offering products and services that support people as they age can apply for grants between £50,000 and £1.5 million.
UK Research and Innovation
UK Research and Innovation, an independent public body, manages the Industrial Strategy Challenge Fund. It has awarded £6 million in grant funding to Legal & General.
We’ll be working with Innovate UK, part of UK Research and Innovation, to decide how the grants should be allocated. The intention is to identify exciting businesses, sharing our values to receive grant funding over the next 2 years.
 Healthy life expectancy at birth and age 65 by upper tier local authority and area deprivation: England, 2012 to 2014, ONS, March 2016
 The Health of the Nation: A Strategy for Healthier Longer Lives, All Party Parliamentary Group for Longevity, February 2020