The Association of British HealthTech Industries (ABHI) recently launched its ‘Making it Happen’ report.
The publication provides recommendations for how industry, the NHS and the healthcare community can work collaboratively to deliver future innovation in HealthTech, taking on board the COVID-19 lessons and overcoming some of the more systemic challenges that impact technology adoption. ABHI’s Jonathan Evans provides a summary of the report for CSJ readers.
As the largest employer in the broader Life Sciences Sector, HealthTech (medical devices, diagnostics and digital health technologies currently employs 131,800 people in 4,060 companies, with a combined turnover of £25.6bn, and has enjoyed annual growth of around 5% in recent years. The UK represents roughly 5% of the global industry, and HealthTech is set to remain a key driver of economic growth in our country. It is an industry that Government has committed to supporting
Although the UK is seen as a key market, a recent survey of UK HealthTech companies showed 70% have experienced rising costs of regulation, over a third see the NHS as an increasingly expensive customer to serve, and almost two thirds were negatively impacted by COVID-19. Despite this, there are significant opportunities. While almost half of companies in the sector do not currently have either R&D or manufacturing facilities in the UK, a quarter are currently looking to expand here in the next year. There are also some signs that companies are beginning to view the UK market with increasing confidence, although for many this will depend on how quickly elective care returns consistently towards its preCOVID-19 levels.
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