The UK medtech industry is thriving; recently valued at £21 billion, the UK is the third largest medical device market in Europe and sixth largest in the world. This is not only encouraging for the economy, but essential if we are to keep pace with technological advances that can genuinely improve the quality of healthcare.
There are an estimated 3,700 medtech companies in the UK, the majority of which are small to medium sized enterprises. Thanks to a number of government-funded schemes, innovative research has been transformed into business growth for early-stage companies, which in turn has led to a rapid expansion of new technology in the sector. For entrepreneurs looking to commercialise their innovations, there can be significant hurdles to overcome, in particular the need to secure sufficient investment to sustain them throughout the scaleup period. Countless businesses fail because they have focused on early-stage investment, without consideration of follow-up funding to support them through to scaleup stage.
Fortunately, medical technology is a favoured industry when it comes to funding, which means there is plenty of support available for businesses looking to scale up. Given that equity funding is the most expensive and challenging approach for technology startups and SMEs, it is important to first examine other funding mechanisms, such as:
- Grant funding
- European-led schemes (e.g. Horizon 2020)
- Venture capital
- R&D tax relief
- Accelerators, incubators and charitable organisations
Innovation in medical technology has never been so promising; we must think big and work collaboratively to support innovative ventures that have long-term potential. To do so we must continue to provide clear access to both funding and training, to help tomorrow’s medtech leaders achieve ambitious growth.
Curious to learn more? You can read the full article here.
Author: Ian Shott
Source: MED-TECH INNOVATION NEWS