Companies developing lifechanging medical innovations in West Yorkshire will be able to bid for up to £1m of funding as part a newly secured package.
Mayor Tracy Brabin announced that £7.5m of funding has come from a partnership between the Mayor and Innovate UK, part of UK Research and Innovation (UKRI). Sums will be given to businesses that can demonstrate that they will have a positive impact on patient care through an innovative new medical, diagnostic or digital health solution.
The “launchpad” pot comes not long after £5m was announced by UKRI for the medical technology sector across Yorkshire. From the end of this month, companies working on devices and technologies that could improve patient care will be able to apply for competitive grants ranging from £25,000 to £1m.
Eligible businesses include those seeking to help the NHS prevent, diagnose and treat major physical health conditions including cancer, strokes and dementia, as well as mental health conditions. The funding was secured by the Mayor in conjunction with the West Yorkshire Health and Care Partnership, Health Innovation Yorkshire and Humber, Leeds Teaching Hospitals NHS Trust, the Universities of Bradford, Huddersfield and Leeds, as well as Medilink North of England, Medipex, and the Association of British Healthtech Industries.
Tracy Brabin, Mayor of West Yorkshire, said: “This groundbreaking new partnership is a major vote of confidence in the future of our brilliant healthtech businesses, who are transforming the lives of patients world-wide. That we were able to secure this funding is a testament to the strength of our sector, the talent of our homegrown scientists and researchers, and our ambition to transform the NHS through innovation.
“I’m confident these grants of up to £1m will be a gamechanger for local businesses, helping them create skilled jobs, pioneer new technologies and level up patient care.”
The funding is intended to bolster West Yorkshire’s strengths in healthcare technology, which are said to included 250 companies employing more than 16,000 people and the headquarters of NHS England . One such firm is Huddersfield-based Paxman Scalp Cooling, which helps cancer patients undergoing chemotherapy by minimising their hair loss.
Richard Paxman OBE, CEO of Paxman Scalp Cooling and private sector representative on the West Yorkshire Combined Authority’s Business, Economy and Innovation Committee, said: “This is such positive news for the region and the sector, further strengthening an already exciting opportunity for West Yorkshire and the North. From experience, this type of non-dilutive funding provides such an impact for SMEs in our region and sector, reducing the risk of investment and expediting the lengthy pathway often leading to speedier commercialisation and therefore a positive impact both socially and financially to all stakeholders.
“In addition, it also can really attract future investment into companies from other sources, further supporting growth for the company and the region. West Yorkshire is an exciting place to be at the moment and pleased to see further momentum in our sector.”
Firms can bid for funding from October 30 through to December 13. Submissions will be reviewed by Innovate UK by February 2024, with new projects expected to start in May 2024.
Original artice – https://business-live.co.uk/all-about/yorkshire-humber