Further medtech investment needed

Government, industry and the NHS needs to invest between £200m and £250m in the Leeds City Region’s medical technology sector over the next five years to exploit opportunities in the global health market, according to a new Science and Innovation audit.

The audit, led by the University of Leeds, highlights that investment could generate around an extra 4,000 jobs, taking employment in the sector to around 15,000 workers.

The global market for new medical and healthcare products is growing and is expected to increase over the next five years, with a value that is anticipated to reach more than half a trillion dollars. Most companies operating in the sector are small to medium-sized enterprises with turnover below £5m.

But the audit found those SMEs face obstacles which are preventing them from taking advantage of the opportunities in the emerging global health market. The report found:

  • SMEs find it difficult to get new medical devices tested or evaluated in the NHS.
  • There is a shortage of appropriate multidisciplinary graduate engineers.
  • There are not enough medtech technology and innovation parks where industry and researchers can collaborate – and industrial centres of excellence can be developed.
  • There is a lack of wider business and innovation support to help companies navigate a complex and highly regulated sector.

The report concludes that there should be the establishment of a clinical evaluation hub – a ‘test bed’ – where medtech companies can work with the NHS.

It found that there should also be a medtech skills academy and a medtech innovation hub supporting companies from research through to evaluation and market – with advice on business support and finance.

Commissioned and published by the Department for Business, Energy and Industrial Strategy (BEIS), Science and Innovation, audits aim to help regions map research and innovation strengths and identify areas of potential global competitive advantage.

The Leeds City Region audit, Opportunities and Growth: Medical Technologies, has been led by Professor John Fisher from the University of Leeds, in partnership with the Leeds Enterprise Partnership (LEP), the region’s universities and local businesses.

This is a second wave of audits, being launched today by Business Minister, Lord Prior, at the Venture Fest East conference in Newmarket.

Lord Prior said: “The Science and Innovation Audits we are publishing today highlight the innovative strengths in regions across the UK and the significant growth and investment opportunities they present.

“Together with our record investment of an additional £4.7 billion for research and development to 2020/21, we are working closely with regional businesses and partners to ensure the ambitions set out in these reports are delivered to maintain our status as a science powerhouse.”

 

There are around 250 businesses in the Leeds City Region specialising in medtech and another 200 digital and technology firms operating in the health field. Nearly a quarter of the UK’s digital health jobs are in the region.

Professor John Fisher, from the University of Leeds, said: “We’ve painted an important picture of the region’s strengths, which can help the government make informed investment decisions and take advantage of the global opportunities.

“Leeds City Region is uniquely well-placed; we have a vibrant, highly-regarded and well-established base to really drive economic growth and the UK’s reputation in the medtech sector. ”

 

 

 

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