Under a joint information sharing agreement, pharmaceutical companies will be invited to register early with the MHRA and NICE to allow parallel decision making over licencing and value.

Health and social care secretary, Wes Streeting, said: ‘This Government is slashing red tape and turbocharging economic growth of the life sciences sector so patients can get the innovative treatments they need, faster.

‘To save our NHS and make it fit for the future we have to do things differently. By having two of our most important regulators join forces we'll rapidly remove barriers, get patients access to vital medicines, and grow the economy. 

‘With a technological and life sciences revolution taking place, Britain should be at the forefront of it. Our 10-Year Health Plan and Life Sciences Sector Plan will help us drive the breakthroughs we need to be best in class and boost growth across the country.'

The enhanced coordinated approach offers medicine developers an integrated advice service and aligned pathway to streamline  regulatory and Health Technology Assessment requirements and provides a clearer route to help get their treatments to patients.    

To benefit from this service, companies should register their products on UK PharmaScan, the national horizon scanning database, at least three years before their expected marketing authorisation.