Firm will partner with hospitals to exploit health service innovations

PUBLISHED: 08:05 21 December 2017

DEVELOP: Stuart Thomson, Medovate managing director, Dr Anne Blackwood, chief executive Health Enterprise East and Robert Donald, Medovate investment manager

DEVELOP: Stuart Thomson, Medovate managing director, Dr Anne Blackwood, chief executive Health Enterprise East and Robert Donald, Medovate investment manager

www.ninabailey.co.uk

A firm set up to exploit NHS medical innovations from the region has links to Papworth Hospital.

Papworth Hospital Papworth Hospital

Medovate is the first company dedicated to the development and commercialisation of innovative medical technology from within the NHS which will in turn benefit from financial returns.

It has been set up by NHS innovation hub Health Enterprise East (HEE) and has been backed by £9million of investment from NVM Private Equity and a private US investor. Papworth Hospital is a member of the new scheme.

Dr Anne Blackwood, chief executive of HEE, said: “Medovate is truly a market first. No other company exists that supports NHS innovation at the same time as delivering commercial benefits to the NHS.

“It is fitting that such an innovative business structure should itself act as the incubator and launch pad of ground-breaking medical technologies.”

She said: “We are excited about helping Medovate grow its portfolio of pioneering projects and look forward to supporting the company with HEE’s own expertise.”

By providing funding at a key point in the development of medical innovations, Medovate will ensure that potentially lucrative products from the NHS are marketed as quickly as possible.

It will have an initial focus on intensive care, anaesthesia and surgery innovations, together with intellectual property, through HEE’s pool of NHS members.

At present HEE - which aims to improve healthcare through business and innovation management services - sees more than 200 early-stage commercial opportunities which could be suitable for protection and development as high value products each year.

Medovate will now adapt the new technology and develop it for the UK and international markets.

Stuart Thomson, incoming managing director at Medovate, said: “The substantial launch capital of £9million is a signal of Medovate’s intent.

“Medovate will offer significant financial, technical and commercial support to many innovators within the NHS so that their ideas can be fast-tracked to market for the benefit of patients and practitioners alike.”

Charles Winward, investment director at NVM, said: “At NVM we believe there is a huge potential to develop technology innovation from our hospitals in to the market, creating both benefits to our healthcare system and returns for stakeholders, including the NHS and investors.”

More news stories

Yesterday, 14:54

A man has been charged following a fatal crash on the B1040 Ramsey Road, Whittlesey, on August 1.

Yesterday, 11:23

A Huntingdon-based police officer who mounted the pavement and drove into a man has been given a final warning at a misconduct hearing.

Yesterday, 09:51

According to an online study by Research Without Boarders, we East Anglians are the second biggest coffee drinkers in the UK, second only to residents in the South West.

PROMOTED CONTENT

The St Ives lettings agency is registered with the industry regulator, and provides a personal, reliable and friendly service

Most read stories

Local business directory

Cambridgeshire's trusted business finder
HOT JOBS

Show Job Lists

Digital Edition

Image
Read the Hunts Post e-edition E-edition

Newsletter Sign Up

Sign up to receive our regular email newsletter