New support scheme for SMEs to evaluate innovative medical technologies
A new scheme, launched by Innovate UK and the Office for Life Sciences, will provide financial and advisory support for UK SMEs with recently CE-marked medical devices, diagnostics and digital health products that have potential to address NHS clinical and service needs.
Medtech SMEs are a growing and highly innovative segment of the UK life sciences industry. There are over 3,000 UK medtech companies, 98% of which are SMEs. However, SMEs face barriers when selling to the NHS.
Data from early development is often enough to acquire a CE mark. But, it will often not be enough to convince commissioners. Additional evidence from piloting the innovation in a clinical setting is needed. This disadvantages SMEs with limited resources.
SMEs will be supported to collect and analyse evidence on the clinical performance and cost-effectiveness of their products in an NHS setting with a view to spreading their innovative product across the NHS.
Two funding options are available. Phase 1 support of £40-50 thousand to engage clinical partners, identify evidence and plan a study. Phase 2 support will be around £250 thousand for data collection and analysis.