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

Papworth HospitalPapworth 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.”