UK PubMed Central (UKPMC) and Wellcome Trust

Funding the Way to Open Access, in PLOS Biology, Vol 3 No 3, March 2005 by Robert Terry, Senior Policy Adviser at the Wellcome Trust.

Imagine this scenario. You're the director of one of the world's largest medical research charities, and you receive notification from one of your funded investigators in Africa reporting some exciting progress toward the development of a vaccine for malaria. The work has just been published, so you log onto the Web to do a quick keyword search, and a link to the article is brought up on your screen.

Then imagine the frustration when you click on the link to read the message, “Access Denied—access to this journal is restricted to registered institutional and individual subscribers.”

And there's the rub: this actually happened to the Director of the Wellcome Trust.

...

the Trust has been in discussion with the US National Library of Medicine about the possibility of creating a UK PubMed Central (UKPMC) as a publicly accessible repository for Trust-funded research. 

UK PubMed Central

The proposal is that a UKPMC will be run as a proper electronic library: it will collect, collate, and archive whole journals and be developed to receive single articles as well. Submission will be as straightforward as attaching a document to an email. UKPMC will be able to accept manuscripts in any format, including Microsoft Word, and it will be the responsibility of UKPMC to convert the files it receives into extensible markup language (XML) to enable the appropriate document type definition (DTD) to be assigned. UKPMC will also correct the structural, content, and consistency errors that occur when converting text for digital preservation, and provide the conversion process to print a “clear” PDF version of included articles to those users who download them. This is a process well used by the National Library of Medicine, and the one most suited for the long-term, digital preservation of articles.

And once articles are in a digital format they can be searched and used in different ways. For example, genome sequence data, chemical compounds, or protein structures embedded within an article can be searched for in other articles and linked directly to genome or structural databases uncovering new genetic markers, drug uses, or protein functions. The articles themselves become live research material greatly improving the efficacy of the research itself.

via Slashdot Wellcome Trust to Require Open-Access Publishing /.
That title is a bit misleading, they're actually requiring articles to go into UKPMC within 6 months of publication.  They're not requiring that they must be published in OA journals.

the Trust will be making it a requirement of its grant conditions that Trust-funded researchers deposit an electronic version of their manuscripts in UKPMC to be made available for free via the Internet within 6 months of publication.