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The Medtech Accelerator, a new proof of concept financial awards scheme to progress medical technology and software innovations developed primarily from within the NHS, launches today. With awards on offer between £15K and £125K, this new joint venture brings together the NHS, local authority and local business.
Supporting NHS innovation with early stage proof of concept awards
The Medtech Accelerator will support and finance development projects at an early stage to maximise the potential for success in bringing new life enhancing technologies to patients.
Awards are available to NHS organisations with a total of £1.5 million on offer for innovations that show the greatest promise, with the potential to create future spin-out companies. Awards are aimed at supporting proof of concept work which typically includes market research, product and market validation, prototype development and testing, and IP protection.
Led by Health Enterprise East (HEE), a leading NHS innovation hub, the initiative includes New Anglia Capital Ltd, a subsidiary of New Anglia Local Enterprise Partnerships (LEP), Greater Cambridge & Greater Peterborough (GCGP) LEP, and the Eastern AHSN. LEPs and Eastern AHSN have each invested £500K and will have access to HEE’s expertise in proof of concept and technology transfer and to its existing pipeline of NHS technologies through its membership base, including internationally renowned centres of healthcare research and innovation.
Dr Anne Blackwood, Chief Executive at HEE said: “The Medtech Accelerator is the first scheme of its kind that brings together local authority, business and the NHS across a specific geography to invest in Medtech. There is a current lack of funding for early stage proof of principle work and together we have the opportunity to not only help patients but also bring economic growth to the region in the form of jobs, revenues and the scope to leverage additional investment.”
Dr Steve Feast, Managing Director of Eastern AHSN commented: “The recent Accelerated Access Review set out ambitious plans to drive innovations into the NHS. It proposes a set of processes to speed up patient access to new healthcare technologies. The NHS has huge potential to be more creative, working with patients to help design better services. Yet with services under increasing pressure, accessing funding for experimentation and innovation can be challenging. The Medtech Accelerator addresses this gap. It provides direct funding for those working at the service delivery coalface to shape ideas into real and tangible solutions that can translate into better care solutions.”
Chris Dashper, Head of Programmes at New Anglia LEP, added: “We’re delighted to be involved in this project which links technology and software innovations from the NHS to the private sector. Making funding available at an early stage through projects like the Medtech Accelerator is very important as it sets up projects well to be able to benefit from additional private sector support in the future.”
Neil Darwin, Chief Executive of the GCGP LEP, said: “Cambridge ideas define the future of Medtech, and we know that some of these projects can be held back by a lack of early stage funding. By investing in the new Medtech Accelerator we can help to support the development of these technology and software solutions to fast track their success and application.”
For more information on the Medtech Accelerator visit www.medtechaccelerator.co.uk
Medtech Accelerator Partners
About Health Enterprise East www.hee.org.uk
Health Enterprise East (HEE) is a leading NHS innovation hub committed to improving healthcare through the provision of professional business and innovation management services. The HEE team works with NHS organisations nationally and Med Tech companies globally to support the development of innovative products and services which meet currently unmet healthcare needs. The company offers a broad range of tailored services from strategic analysis and market validation, to practical advice and insight.
Through its member services, HEE also ensures that pioneering innovations from staff across the NHS are identified, developed and commercialised for the benefit of patients, staff and society. Closely affiliated with founding member Papworth Hospital NHS Foundation Trust, HEE currently serves over 30 NHS organisations in the East of England, East Midlands and North London including. Trusts can opt to sign up as members of HEE and access a full range of skills and expertise.
HEE has successfully exited two of its portfolio companies; Northwood Medical Innovation Ltd, a spin-out from West Hertfordshire Hospitals, was bought in December 2015 for its novel treatment for prominent ears by the global pharmaceutical company Allergan; and Ablatus Therapeutics was spun-out of Norfolk & Norwich University Hospitals NHS Foundation Trust in July 2016 to commercialise its pioneering cancer treatment.
About Eastern Academic Health Science Network www.eahsn.org
Eastern Academic Health Science Network (Eastern AHSN) is one of 15 AHSNs set up to spread innovation at pace and scale across the healthcare system – in order to achieve the ultimate goals of both improving health and generating economic growth.
Innovation is its business with deep rooted knowledge of the academic, industry and NHS sectors, and the challenges of diffusing best practice and innovation. Its regional focus ensures that the organisation is grounded in the specific context of local populations and clinical communities. It understands the challenges and is able to translate innovations to achieve better health outcomes at pace and scale.
Eastern AHSN doesn’t work alone. The strength of its partnerships uniquely positions it to connect diverse bodies from across the health and care system enabling the successful co-creation of solutions to achieve better patient outcomes. AHSNs are the only bodies that connect all partners across sectors: NHS and academic organisations, local authorities, the third sector and industry, working as catalysts to create the right conditions that facilitate change across whole health and social care economies, improving outcomes for patients.
About Local Enterprise Partnerships www.lepnetwork.net
There are 39 Local Enterprise Partnerships (LEPs) across England. They are local business led partnerships between local authorities and businesses and play a central role in determining local economic priorities and undertaking activities to drive economic growth and the creation of local jobs.
New Anglia LEP (www.newanglia.co.uk) covers Norfolk and Suffolk, and is responsible for growing the economy of the two counties by addressing barriers to growth including addressing issues surrounding finance, skills and infrastructure.
In response to the perceived lack of risk-capital available to growing and start-up businesses, New Anglia LEP has established New Anglia Capital Ltd as a subsidiary for the purposes of building an angel investor network in Norfolk & Suffolk, with a view to providing equity finance to early-stage and growth-potential companies in the two counties on a co-investment basis with angel investors.
The Greater Cambridge Greater Peterborough LEP (www.gcgp.co.uk) covers Cambridgeshire, Peterborough, Rutland, West Suffolk, West Norfolk, Uttlesford, South Kesteven, and South Holland. It is driving forward economic growth by overcoming key barriers that hold local businesses back, rom infrastructure improvements and skills development through to business support and directly investing in innovation.
By making investment to support new business growth and jobs creation across the GCGP area, the LEP can help to define the future by enabling businesses to accelerate their innovation and reach the commercialisation stage sooner.
For more information please contact:
Phone: +44 (0) 7771 730919
Health Enterprise East
Phone: +44 (0)1223 928040
Health Enterprise East
Based at Milton Hall Cambridge, Health Enterprise East (HEE) delivers technology advisory services and innovation management to industry and the NHS.
Health Enterprise East directory information