£14m to drive new West Midlands healthcare technologies towards commercialisation
Multiple organisations from across the Midlands are joining the University of Birmingham in a £14 million project to drive new healthcare technologies towards commercialisation.
The West Midlands Health Tech Innovation Accelerator (WMHTIA) project received the funding from the West Midlands Combined Authorities’ Innovation Accelerator which is part of an Innovate UK funded programme.
The project 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 support the West Midlands Plan for Growth by aiming to create a cluster of commercial activity, helping drive economic growth and enhance resilience. The approaches will also ensure that local patients will benefit first from new medical technologies targeted at reducing healthcare inequalities in the region.
Professor Rachel O’Reilly, Pro-Vice Chancellor for Research at the University of Birmingham, commented: “The West Midlands Health Tech Innovation Accelerator will not only generate commercial activity in the healthcare and medical technologies sector, it will supercharge a cluster of activity in the West Midlands, boosting the regional economy by attracting in excess of £80M in private investment over the next two to three years.”
Professor Liam Grover, University of Birmingham, 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.”
A major funding boost from the UKRI Engineering and Physical Sciences Research Council is set to help transform the thriving medical technology business community in Yorkshire.
