PHTA has today been announced as a partner in a major project to drive new healthcare technologies towards commercialisation, led by the University of Birmingham.
Called the West Midlands Health Tech Innovation Accelerator, the project has received £14m in funding from the West Midlands Combined Authorities’ Innovation Accelerator which is part of an Innovate UK funded programme.
The programme is focused on addressing the challenges of bringing new medical and healthcare technologies into the UK market. It aims to unite key players in universities, hospitals, industry and government-funded ‘Catapults’ for manufacturing innovation to help companies navigate ‘pinch-points’ in the commercialisation process.
Together these approaches aim to create a cluster of commercial activity, helping drive economic growth and enhance resilience. They will also ensure that local patients will benefit first from new medical technologies targeted at reducing healthcare inequalities in the region.
Project lead, Professor Liam Grover, of the University of Birmingham’s Healthcare Technologies Institute, said: “Commercialising new healthcare and medical technologies can be fraught with regulatory hurdles and big funding gaps. Our approach will help companies make sure they are taking the right steps, addressing a clearly defined healthcare need and working with the right partners to achieve success in the marketplace.”
Professor Gino Martini, PHTA’s CEO, commented: “Businesses supported by the West Midlands Health Tech Innovation Accelerator will benefit from the PHTA’s ‘makerspace’ – a significant prototyping, 3D printing and small-batch manufacturing facility which will also be supported by a comprehensive training programme. This is especially important for the development process, allowing companies and inventors to create early-stage versions of their products to demonstrate to investors and gain further funding. They’ll also benefit from access to expert clinicians and academics from across the Birmingham Health Partners ecosystem to refine, develop and validate their products – ensuring they’re fit for purpose and address real patient needs.”
Birmingham and the West Midlands had the largest medtech cluster in the UK – with 1,000 businesses and a workforce of nearly 24,000. The new West Midlands Health Tech Innovation Accelerator is set to provide a further boost to the cluster, as it’s expected to attract in excess of £80m in private investment over the next 2-3 years. This is in addition to the £400m GVA which BHIC is set to generate over the next ten years, alongside 10,000 jobs once the full campus development is complete.
Partners in the Health Tech Innovation Accelerator include: University of Warwick (West Midlands Health and Wellbeing Innovation Network, Warwick Manufacturing Group), Aston University, Birmingham City University, Manufacturing Technology Centre, Medilink Midlands, Shoosmiths, Azets, Acuwomen, Smallfry Ltd, The Technology Supply Chain, University Hospitals Birmingham NHS Foundation Trust, Birmingham Health Partners, Bruntwood SciTech, Precision Health Technologies Accelerator, Cogniss, Element Materials Technology, Plug and Play, and the West Midlands Growth Company.
For more information visit the WMHTIA website via www.wmhtia.com
