CPI, a leading technology innovation centre, and the Office for Life Sciences (OLS) have joined forces to deliver the MedTech Accelerator: Rapid Regulatory Support Fund (MARRS) a £5 million programme funded by UK Government aimed at supporting and enabling growth in the vital UK MedTech industry.
The new MedTech Accelerator: Rapid Regulatory Support fund is designed to help start-ups and SMEs access essential regulatory advice. Companies can apply now for a grant of up to £30,000 to fund external regulatory guidance and support, helping them accelerate the development of new, safe and effective devices to market or keep critical devices available to patients in compliance with new regulatory requirements. SMEs are encouraged to submit applications as soon as possible.
The project will also aim to accelerate transformative medical technologies by identifying major technology and investment opportunities and proposing initiatives to unlock investment, skills and capacity. In addition to the grant funding programme, CPI will continue to work with the MedTech industry to understand and identify current challenges that can be solved by collaborative public, academic and industry partnerships.
MedTech innovations can help to solve major healthcare challenges, provide vast patient benefits, and reduce long NHS waiting lists, however the industry faces significant challenges. Research conducted by CPI and the Association of British HealthTech Industries (ABHI) suggests that NHS patients could lose out on life-saving medical technologies due to delays in obtaining market approval and a lack of clarity on regulatory pathways. Around 50% of the MedTech industry expect to delay the introduction of their innovative medical products into the UK market, and about 40% plan to approve their products in other markets before the UK due to the cost and uncertainty in the UK regulatory environment.
MedTech companies are crucial to the UK’s life sciences sector. Data from OLS shows a £34 billion turnover contributed to by nearly 5,000 MedTech companies in the UK, with SMEs making up around 75% of all MedTech companies. SMEs often bring new and innovative ideas to market to provide significant patient benefit, however, research conducted by CPI uncovered that 90% of SMEs rely on external regulatory affairs support.
In October last year, CPI called for an urgent MedTech industrial strategy to be established to stop the UK from falling behind in the rapidly growing global MedTech industry. The organisation published two reports, which warned that unless the Government steps in to support the sector, the UK could lose out on highly skilled jobs and billions of pounds in revenue. Despite a high number of patients who could benefit from medical technologies, the industry has received approximately one-third less investment when compared with the pharmaceutical industry, according to The Data City.
Rahul Kapoor, Director of HealthTech at CPI, said: “We cannot understate the value MedTech companies bring to patients, the life sciences industry and the potential they hold for the UK economy. This project stands to help those SMEs and start-ups navigate a complex regulatory landscape and, crucially, deliver life-changing medical technologies to patients who need it most. By delivering safe and effective medical devices, we can provide a step-change to the care we can offer patients in the UK, and if this fund goes even a small way to getting those devices to those who need them most, we will have achieved something significant. CPI will continue to work to understand where the best investment opportunities are to ensure a bright and vibrant future for the industry in the UK.”
More information can be found at: https://www.uk-cpi.com/medtech-accelerator-rapid-regulatory-support-marrs-programme