Technology
proposal is, once developed with key stakeholders, the introduction of a Sustainability Kitemark for HealthTech products. This certification would allow companies to demonstrate that their products meet high sustainability standards, making them more attractive to NHS buyers and increasing their competitiveness in the global market.
As the NHS moves towards a future where
only products that meet its sustainability criteria will be purchased, this Kitemark could become an essential tool for HealthTech companies looking to gain a competitive edge. Moreover, the Kitemark would have export potential, as other healthcare systems around the world are also starting to prioritise sustainability. By setting the standard for sustainable healthcare innovation, the UK could position itself as a global leader in this growing market.
ABHI’s commitment to sustainability ABHI has long been committed to supporting sustainability in HealthTech and there is a clear willingness within the sector to embrace sustainable practices, provided the right support and incentives are in place. However, in ABHI’s own recent survey of the industry, one in three companies highlighted that they are currently unable to meet Net Zero by 2045. To be able to achieve the transition, clearer guidance and further education for both procurement teams and suppliers is necessary. To this end, ABHI is working to remove the barriers that currently hinder the adoption of sustainable technologies. These barriers include outdated procurement practices that prioritise short-term cost savings over long-term environmental benefits, a lack of clear regulatory guidance on sustainability, and insufficient access to funding for the development of new, green technologies. We are calling for targeted policy measures to address these challenges, including tax incentives
for companies investing in sustainable R&D, streamlined regulatory processes for green technologies, and a stronger emphasis for rewarding sustainability in NHS procurement criteria. Moreover, global alignment on sustainability
standards and requirements is crucial. With many HealthTech companies operating across different geographies, harmonising these requirements will facilitate smoother transitions and ensure consistency in environmental goals. By advocating for international collaboration on sustainability, the UK can play a leadership role in setting global benchmarks for sustainable healthcare solutions. This not only enhances the UK’s competitiveness but also creates new export opportunities for British HealthTech companies in the rapidly growing global market for sustainable healthcare solutions.
Unlocking HealthTech’s full economic potential Though sustainability is a key focus of the report, it is only one part of the broader strategy to unlock HealthTech’s full economic potential. The
publication outlines several other key initiatives aimed at driving investment, increasing productivity, and creating high-quality jobs within the sector. One of the most pressing challenges facing the HealthTech industry is the shortage of capital and skills. Brexit has created additional uncertainties for investors, particularly around regulatory issues, which has led to a decline in investment in the sector. To address this, the report calls for a series of targeted measures designed to boost investment in HealthTech, including: l Recognition of regulatory approvals from other trusted jurisdictions, such as the FDA and EU, to streamline the approval process for new products and reduce delays in getting them to market.
l R&D tax credits specifically aimed at HealthTech companies conducting clinical trials with the NHS. These trials are crucial for validating the efficacy and safety of new products, but they are also expensive. By offering tax incentives, the government can encourage more companies to conduct their trials in the UK, rather than overseas.
l Reforms to capital gains tax and employee share schemes to make it more attractive for skilled professionals to join early-stage HealthTech companies. These companies often struggle to compete with larger, more established firms when it comes to attracting top talent, but by offering tax incentives, the government can help level the playing field.
These measures are designed to not only attract more investment into the sector but also ensure that this investment is spent in the UK, creating high-value jobs and boosting the national economy. The report projects that, with the right support, R&D spending in the UK HealthTech
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www.clinicalservicesjournal.com I December 2024
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