‘Innovations Directory’ will allow swifter take up of the best innovations from the NHS

‘Innovations Directory’ will allow swifter take up of the best innovations from the NHS

• 21 June 2012
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Mike Farrar, Chief Executive of the NHS Confederation, has announced at NHS Confederation 2012 the launch of new initiative that will enable a group of the UK’s leading teaching hospitals to work together with investors and industry in order to enhance the development and uptake of ideas for the benefit of patients and the NHS.

Each Trust involved in the initiative will be able to submit their innovative ideas to the database – known as ‘The Innovations Directory’. In turn, other Trusts involved will have the opportunity to assess the clinical need and commercial viability of projects, which will enhance the attractiveness to external funders. Also, the Directory will allow Trusts to work together on similar projects to share best practice and toaccess new devices, diagnostics and servcies more swiftly to deliver benefit to patients.

It is also expected that an associated investment fund backed by the Trusts and institutional investors will be raised through the scheme. The fund, initially expected to be in the tens of millions but ultimately up to £250m, will be used to turn the innovative ideas into a commercial reality.

Mr Farrar said: “The investment fund is an idea with real potential. We all know the NHS needs to move out of the slow lane on the spread of innovation. There could be real opportunities to improve care for patients if we can make this work.”

TRUSTECH have already been involved in developing some case examples for the fund in conjunction with specific NW Trusts and are very positive about the prospects the Innovations Directory could bring.

Keith Chantler from TRUSTECH said “that the Fund and Directory are a new opportunity for the NHS to get access to new and significant investments, working together in a public/private partnership with shared risks and benefits that will help to develop the innovations that the NHS needs”