Bids sought for £7.5m worth of funding for heathtech industry
Health technology companies in West Yorkshire will be able to bid for funding of up to £1m to help develop lifechanging medical innovations for use in the NHS and across the world.
Due to the emerging strengths of the region’s £5bn health technology sector, Mayor of West Yorkshire Tracy Brabin has secured £7.5m of new investment.
Funding will be distributed to businesses which can demonstrate they will have a positive impact on patient care through an innovative new medical, diagnostic or digital health solution.
The new multi-million pound partnership between the Mayor and Innovate UK, part of UK Research and Innovation (UKRI), comes days after £5m was revealed by UKRI for the medical technology sector across Yorkshire, which employs over 16,000 people across 250 companies.
Brabin said: “This ground-breaking new partnership is a major vote of confidence in the future of our brilliant healthtech businesses, who are transforming the lives of patients world-wide.
“That we were able to secure this funding is a testament to the strength of our sector, the talent of our homegrown scientists and researchers, and our ambition to transform the NHS through innovation.
“I’m confident these grants of up to £1m will be a gamechanger for local businesses, helping them create skilled jobs, pioneer new technologies and level up patient care.”
Indro Mukerjee, CEO of Innovate UK, said: “Innovate UK is building strong regional partnerships across the UK to support local innovation and commercialisation.
“Our new Launchpads will help to attract further private sector R&D investment into innovation clusters, growing local economies and delivering societal and economic benefits to local communities.”
From the end of October, companies working on devices and technologies that could improve patient care will be able to apply for competitive grants ranging from £25,000 to £1m.
The £7.5m “launchpad” programme will help them develop innovations all the way from the lab through to clinical trials and on to global health markets.
The funding was secured by the Mayor in conjunction with West Yorkshire Health and Care Partnership, Health Innovation Yorkshire and Humber, Leeds Teaching Hospitals NHS Trust, the Universities of Bradford, Huddersfield and Leeds, as well as industry partners Medilink North of England, Medipex, and the Association of British Healthtech Industries.
Tom Elliott, managing director of Medilink, said: “The announcement is of significant value to health tech companies, as these funds empower companies to invest in research, development, and the commercialisation of innovative solutions that improve patient care, enhance diagnostics, and streamline healthcare delivery.
“Without such funding, many ground-breaking ideas might never see the light of day, hindering progress in the industry and limiting the potential to save lives and improve the quality of healthcare worldwide.”
Richard Devereaux Phillips, director of strategy at the Association of British HealthTech Industries (ABHI), said: “We have enjoyed a strong relationship with West Yorkshire and its fantastic organisations for a number of years.
“This is another major step in establishing the region as one of the most attractive for Healthtech, and one that can compete on the global stage.”
Dr Neville Young, director of enterprise and innovation at Health Innovation Yorkshire & Humber, added: “We’re proud to work with our partners across the region to secure funding for important programmes such as this.
“The investment will further catalyse our thriving SMEs community across the whole of West Yorkshire.”
The competition opens in West Yorkshire on 30 October and closes on 13 December. After businesses submit bids for funding, these will be reviewed by Innovate UK by February 2024, with new projects expected to start in May 2024.
