Chris Whitehouse, a political consultant and expert on medical technology policy and regulation at Whitehouse Communications, an advisor to MedTech suppliers, chair of the Urology Trade Association, and governor of the Anscombe Bioethics Centre, highlights new expert advice to Government that will boost finance for innovation in the MedTech sector.
A letter from advisors to the Chancellor of the Exchequer, Rachel Reeves, sets out recommendations on how Government can encourage greater investment in innovative science and technology companies, including those in the MedTech sector.
The letter from the Council for Science and Technology (CST) to the Chancellor is signed by Dame Angela McLean professor of mathematical biology in the Department of Biology, University of Oxford, and Chief Scientific Adviser to the UK Government; and is cosigned by Lord Browne of Madingley, former Chief Executive of petroleum giant, BP.
The advice draws on the input of senior investment advisors across the economy, and makes five key recommendations:
- Pension Fund Reforms: Accelerate efforts to support pension fund reforms to create more immediate options for scale-up capital.
- Connecting Private and Public Markets: Improve the connection between private and public markets to increase access to capital for innovative businesses.
- Developing Specialist Skills: Create conditions to develop and attract specialist skills required for capital allocation, procurement, and operational management.
- Digital Transformation of Public Services: Leverage mandates to support the digital transformation of public services using data and AI.
- Building Awareness of Investment Opportunities: Use government’s convening power to build awareness of investment opportunities and unlock institutional finance.
The implications for the medical technology sector include:
- Increased Funding Opportunities: The proposed reforms and improved connections between private and public markets can provide medical technology companies with greater access to capital, facilitating their growth and innovation.
- Talent Development: Emphasizing the development of specialist skills can help the medical technology sector attract and retain the necessary talent to drive innovation and operational efficiency.
- Enhanced Digital Infrastructure: Supporting the digital transformation of public services can lead to better integration of medical technologies within the healthcare system, improving patient outcomes and operational efficiencies.
- Greater Investment Awareness: Building awareness of investment opportunities can attract more investors to the medical technology sector, fostering a more robust and dynamic ecosystem for innovation.
Overall, the recommendations in the letter aim to create a more supportive environment for innovative companies, including those in the medical technology sector, by addressing key financial and operational challenges that are currently experienced, so unlocking access to £4.6 trillion private and public insurance and pension fund assets. The Chancellor is expected enthusiastically to take forward most, if not all of the recommendations in the letter; and this column will keep its readers posted on developments.
Comments upon or questions about this article can be addressed to chris.whitehouse@whitehousecomms.com
