The programme will provide up to 140 MedTech SMEs with a grant of up to £30,000 to tackle key regulatory challenges.
CPI 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.
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 9 in 10 SMEs rely on external regulatory affairs support.