Medical technology
support for SMEs. Grow translational manufacturing innovation
hubs: Expand government-supported innovation hubs with ISO13485/GMP certified facilities to reduce the need for companies to look abroad to scale. Adoption: Enable the NHS to be more accessible for demand signals and innovation / clinical support. Create a national NHS priority and clinical
register: Develop a combined National Priority and Clinical Register to publish NHS unmet needs and procurement intentions. This register will help SMEs focus their efforts. Sustainability: Standardise, reward and
innovate in sustainability and circularity within the UK MedTech sector. Invest in a centre for materials sustainability
in MedTech: Establish a centre to innovate in packaging materials, device materials, and more carbon-efficient manufacturing and process infrastructure. This centre would also act as a hub for engagement opportunities across priority areas such as innovative materials.
Barriers to investment in the UK The report, Understanding investment barriers in the UK MedT
ech ecosystem, was developed
through a comprehensive market engagement with approximately 150 SMEs, 40 investors, and other ecosystem stakeholders, to understand the challenges hindering investment in the UK. Between 2015 and 2025, levels of early UK MedTech investment have broadly declined. The ability of SMEs to secure capital has been influenced by a variety of factors: Risk aversion: Investors are increasingly
risk-averse, particularly towards early- stage MedTech companies and higher-class medical devices (Class III). To ensure that return targets can be met, they expressed a preference for companies closer to commercialisation and those with proven market validation or revenue generation. This also mirrors the approach taken by large corporations, that investors say are typically waiting longer to acquire MedTech businesses. Equity stakes: Participants reported that high equity stakes taken by universities during the spinout process acted as a deterrent to future investors and disincentivise founders. Following the recommendations outlined after the government sponsored independent review of the sector in 2023 (DSIT, Independent review of university spin-out companies, 2023), many universities moved to address this. According to the Royal Academy of
Engineering and Beauhurst (RAE and Beauhurst, Spotlight on Spinouts, 2024) the average stake taken by universities decreased to 16.1% in 2024. However, the SMEs and investors interviewed had encountered much higher figures and suggested that policies vary considerably between different universities. Investor education: There is a need for
better investor education regarding the unique challenges and timelines associated with MedTech development. Concurrently, greater transparency regarding the success rate and criteria for private capital investment decisions would help SMEs estimate their likely chances of success for securing venture capital funding versus exploring alternative funding options. Procurement: SMEs need more support
to navigate NHS procurement processes and ensure that product-market fit is aligned with
the needs of the NHS to ensure the maximum chance of success. A potential solution is to allow NHS Trusts
to purchase pre-approved MedTech products off-catalogue from NHS Supply Chain. This would facilitate one approval process for relevant products, and commercial orders could be placed via a centralised system, thereby increasing speed and efficiency. This would allow MedTech SMEs to sell into multiple Trusts. Regulatory complexity: Both the investors
and SMEs interviewed perceived that the UK regulatory landscape is uncertain and difficult to navigate, which decreases investor confidence in the sector. Comparison with other jurisdictions: The
US regulatory system, with its pre-submission feedback and clearer pathways, is viewed more favourably. There is a suggestion to adopt
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