Innovations in healthcare could boost the UK’s growth by bringing in around £246 billion every year, a new report reveals today.
Defining the Size of the Health Innovation Prize, by Frontier Economics, places the economic value of reducing ill-health through innovation at an equivalent to 9.6 per cent of the entire British economy.
The report also finds that health innovation could help attract a further £32billion in foreign direct investment (FDI) by improving population health, fostering investment, and strengthening the life sciences sector, bringing the total economic opportunity to £278billion.
Commissioned by the Health Innovation Network, the study shows that health innovations, many of which are already up and running, will have a huge impact on the NHS’s workforce as they develop further – freeing up 233 million hours, in itself worth £8.55 billion.
The report was hailed by ministers and health professionals as a landmark study pointing the way forward for a vastly more productive and efficient 21st century NHS.
Date: 16 June