Health innovation to the United Kingdom 2024 - Expressions of Interest for NSW companies
Event description
Photo by David Dibert on Unsplash
Access a market open to innovation & transformation
Investment NSW invites Expressions of Interest (EOI) from NSW health innovation companies that are looking to enter and expand into the UK.
Why should you participate?
The UK and Australia provide State funded universal health care with a shared expectation on quality and outcomes. It costs roughly £3bn a week to run the NHS. With a population of 67m people, a deteriorating health outlook and a rapidly aging population is creating increasing demands on public purse. The national health budget was reduced by £10 bn in real terms last financial year to reduce budget deficits meaning that innovation is more crucial than ever for enabling the health service to increase the speed of diagnosis and deliver better outcomes for patients.
The health sector in the UK is also undergoing a transformative process. Underpinned by the NHS Long Term Plan, the NHS People Plan, the Core 20PLUS5 approach to reducing health inequalities, and the UK Life Sciences Vision, the transformation process being set about has both patients and planet at the forefront, with the NHS being the world’s first health service to commit to reaching carbon zero, and the “Delivering a Net Zero Health Service” outlining these plans. Innovative products and services are being sought to bring this collective vision to life.
In addition to the favourable market conditions, the Australia-UK FTA, the most broad and comprehensive FTA by Australia, came into effect on 31st May 2023 opening up the UK’s 67.5m people market and 5th largest economy. The strong trading relationship as well as mutual trust mean it’s never been a better time for NSW companies to export to the UK. The Aus-UK FTA activation enables NSW health innovators to compete on an equal footing with domestic businesses, mitigating financial and behind-the-border barriers to trade, including: the removal of localised data hosting requirements, access to UK Government procurement contracts and the introduction of digital contract execution, providing the ability to enforce contracts between markets.
This program will see health innovators from NSW embark on a week long program in the UK.
Expression of Interest – Closes 5 pm AEST, Friday 23rd February 2024.
Who should participate? Companies who:
- Have headquarters in NSW
- Have a valid Australian Business Number (ABN) registered for NSW
- Are export-capable and export-ready
- Are a health innovation focused business, in areas including, but not limited to:
- medtech
- devices
- digital health & care - Have an employee number between 5 and 300 full-time equivalent (FTE) employees
- Produce the product or service primarily in NSW under your own brand (this program is not for aggregators, traders or businesses who sell services to exporters)
- Have commercially ready product or service
- Have a website featuring the product or service
- Have resources to support marketing and development for a new market
Please note:
Applicants will be assessed for export readiness and suitability with trade mission objectives.
Program being able to run is subject to a minimum number of participants being reached.
Applicants must be willing to travel to the selected market and/or Sydney for events, including covering own travel expenses.
For any questions, please contact Emma Stevens - emma.stevens@investment.nsw.gov.au