Multi-million pound funding boost unveiled for MedTech sector
£5m worth of funding has been revealed to help transform the Medical Technology (MedTech) business community in Yorkshire.
The UKRI Engineering and Physical Sciences Research Council (EPSRC) investment is designed to translate the latest research from universities into innovative healthcare products and services, and help bring them to market.
It should also create jobs and opportunities for future investment and economic growth.
Overseen by University of Leeds, working with University of Sheffield and civic partners including West Yorkshire Combined Authority, South Yorkshire Mayoral Combined Authority and regional NHS Trusts, this funding should help grow the Yorkshire MedTech Industry, and benefit an estimated two million patients by 2040.
Professor Nick Plant, deputy vice-chancellor: research and innovation, said: “This is an extremely exciting opportunity, supporting the world-leading MedTech research and development that occurs across Yorkshire.
“This critical funding will further align the fantastic research coming out of universities in our region with the needs of the MedTech industry, speeding up the translation of innovative solutions to marketed products.
“This is a great opportunity for researchers, business and civic partners across the Yorkshire region to work together to drive sustainable economic growth, create high-value jobs and unlock private sector investment in research and development.”
Funding will be offered to research groups across the region working on MedTech products to assess the market and clinical needs for new technologies, as well as supporting preliminary and technical work to bridge the existing gap between research and products in market.
The MedTech business cluster in the Yorkshire region is worth £2bn, with over 200 companies employing more than 16,000 people, with many staff in specialist, high value roles.
Prof Ruth Wilcox, director of the Institute of Medical and Biological Engineering at University of Leeds, who led the bid with colleagues from the Insigneo Institute at the University of Sheffield, said: “This funding will support researchers at universities across Yorkshire to work with our strong regional MedTech industry and translate their research into new medical products and services.”
Professor Paul Hatton, faculty director for research and innovation at the University of Sheffield, said: ”This investment recognises the importance of the Medical Technologies sector across Yorkshire that aligns closely with shared academic strengths in health and biomedical engineering.
“Harnessing the combined research power of Leeds and Sheffield universities will drive innovation and new product development, creating jobs and growing the regional economy.”
Professor Miles Padgett, interim executive chair at EPSRC, said: “I’m pleased to announce our first 10 Place Based Impact Acceleration Accounts which will play a unique role in enhancing the capabilities of innovation clusters across the UK.
“A key priority for UKRI is to strengthen clusters and partnerships in collaboration with civic bodies and businesses, thereby driving regional economic growth.”
Tracy Brabin, Mayor of West Yorkshire, added: “Our region is a leader in health tech and this investment will help the industry go from strength-to-strength.
“We’re committed to working with our partners to build on our global reputation for innovation and deliver a stronger West Yorkshire that works for all.”