Technology The economic benefits of expanding
HealthTech exports are clear. By increasing the UK’s share of the global market, the sector can create high-value jobs and bring more revenue into the country. Export growth also reinforces the UK’s position as a leader in healthcare innovation, attracting further investment and opening new opportunities for collaboration on a global scale.
As global healthcare systems continue to face
growing pressures - whether through ageing populations, the rise of chronic diseases, or the challenges posed by climate change - the demand for innovative, sustainable healthcare solutions is only set to rise. By expanding its footprint in international markets, the UK HealthTech sector can not only meet this growing demand but also solidify its role as a key player in shaping the future of global healthcare.
Boosting investment through strategic export programmes To further enhance the UK’s export potential, the report proposes targeted policies that incentivise investment in HealthTech companies aiming to expand internationally. These include tax relief on export-related activities, as well as grants for companies participating in international trade missions. These measures will make it easier for small and medium-sized enterprises (SMEs) to compete globally, while also fostering closer ties between UK HealthTech firms and overseas healthcare providers. Moreover, expanding exports is not just about economic growth - it also plays a critical role in driving innovation. By entering new markets, UK companies are exposed to different healthcare systems and challenges, which in turn spurs further R&D and adaptation of their technologies. This exchange of knowledge and expertise can lead to the development of more effective, scalable solutions that benefit healthcare systems both at home and abroad. Through the continued expansion of export
programmes like the ABHI US Accelerator, and a stronger focus on international collaboration,
About the Centre for
Sectoral Economic Performance The Centre for Sectoral Economic Performance is a joint initiative between Imperial’s Faculty of Engineering and Imperial College Business School. It combines expertise and knowledge in science, technology, economics and management from across Imperial and beyond. Together, the centre carries out rigorous research in
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www.clinicalservicesjournal.com I December 2024
partnership with businesses and translates this into strategies to bolster both firm-level and national competitiveness. CSEP is funded by nearly £29million over a 10-year period in philanthropic support from the Gatsby Charitable Foundation, founded by Lord Sainsbury.
www.imperial.ac.uk/ sectoral-economic-performance
the UK HealthTech sector has the potential to make a lasting impact on global healthcare, while simultaneously driving economic growth and job creation at home.
A roadmap for the future Above all, the report presents a clear roadmap for the future development of the HealthTech sector, one that is built from the ground up by industry and supported by government. This bottom-up approach ensures that the strategy is not only ambitious but also achievable, as it reflects the real-world needs and challenges faced by HealthTech companies. The proposed HealthTech Industry Partnership
(HIP) is a key element of this roadmap. This formal network would bring together HealthTech companies, the NHS, and government bodies to work collaboratively on issues such as skills development, innovation adoption, and regulatory reform. By providing a structured framework for collaboration, HIP would help to accelerate the growth of the sector and ensure that the UK remains at the forefront of global HealthTech innovation. As ABHI, we are proud to have played a leading role in the development of this strategy, and we look forward to working closely with our partners in government and industry to bring
this vision to life. The HealthTech sector holds immense promise, and with the right support, it can be a powerful driver of both economic growth and environmental progress. For more details on the report Health, Wealth,
and Growth: A Sector Strategy to Transform the Economic and Societal Benefits of UK HealthTech, visit:
https://www.abhi.org.uk/ resource-hub/file/19110
CSJ
About the author
Jonathan Evans is the Director of Communications for the ABHI, the UK’s leading industry association for health technology (HealthTech). ABHI supports the HealthTech community to save and enhance lives. Members, including both multinationals and small and medium sized enterprises (SMEs), supply products from syringes and wound dressings to surgical robots, diagnostics and digitally enhanced technologies. It represents the industry to stakeholders, such as the government, NHS and regulators. HealthTech plays a key role in supporting delivery of healthcare and is a significant contributor to the UK’s economic growth.
www.abhi.org.uk
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