Innovate UK announces funding scheme for SMEs

Innovate UK and the Office for Life Sciences have launched a support scheme for SMEs to evaluate their innovative medical technologies.

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.

This new scheme 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. They 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 products across the NHS.

Two funding options are available.

  • Phase 1 support of £40-5,000 to engage clinical partners, identify evidence and plan a study.
  • Phase 2 support will be around £250,000 for data collection and analysis.

For full details about this opportunity, including how to apply, visit the Innovate UK website.

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