Defining The Size Of The Health Innovation Prize
Topic : News and Press Type : Report
Better use of health innovations could add billions to UK economy.
Reducing ill-health and making better use of health innovations could add billions to economic growth in the UK, a new report has revealed.
Hailed as a ‘landmark study’ by Health Secretary Wes Streeting, 'Defining the Size of the Health Innovation Prize’ was commissioned by the Health Innovation Network and produced by Frontier Economics.
Key findings include:
- a £114bn opportunity from targeted improvements in cardiovascular, mental health, musculoskeletal and respiratory conditions.
- £8.55bn in productivity gains for the NHS through reduced health-related workforce absences—addressing 233 million hours lost each year.
Wes Streeting said: “The NHS is uniquely placed to take advantage of innovation, and this landmark study reveals the prize on offer … proving that health innovation isn't just good for patients, it's vital for our economy and the taxpayer.”
Professor Gary Ford, Chief Executive of Health Innovation Oxford and Thames Valley, said: “This independent report demonstrates the potential of health innovation to deliver better outcomes for patients, reduce pressure on the NHS, improve productivity and boost the economy.”