The report for the Leeds City Region's Science and Innovation Audit (SIA) was published at the end of September. This SIA - awarded by the Department of Business, Energy and Industrial Strategy (BEIS) to a University of Leeds-led consortium - focuses on the Leeds City Region's strengths in Medical Technology and identifies investment opportunities.
Neotherix participated in the audit (see previous news items here and here), and is mentioned several times in the report as an example of the type of micro-SME engaged in developing emerging technology into new products for the medical technology sector.
Of the 2,683 medical technology companies located in the region, only 3% have more than 250 employees. The rest comprise SMEs, with 42% of those having less than 5 employees. The participation of SMEs such as Neotherix is therefore essential in identifying solutions to the obstacles that can prevent such companies taking advantage of the emerging global health market.
The report identifies key propositions to address reported difficulties in getting new medical devices evaluated in the NHS; the shortage of multidisciplinary graduate engineers; the lack of collaborative MedTech technology and innovation parks; and the need for wider business and innovation support to help companies navigate a complex and highly regulated sector.
The report concludes that government, industry and the NHS need to invest £200-250 million in the Leeds City Region's medical technology sector over the next five years, to enable it to exploit opportunities in the global health market and grow UK MedTech economic output by at least an additional £10bn per year by 2025.
See the IKC-Regener8 news article for more information. The report, which will be officially launched in Leeds on Wednesday 1 November, can be downloaded from the Leeds City Region MedTech web site .