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Innovations in the Healthcare Sector

The Health Care sector has always been one of the most experimental industries by nature, yet it is in need of more innovation. The Government is battling against rising costs and unsuccessful outcomes while trying to improve health and care services, so what innovations could actually help? Finding new products, services, or care pathways that have extensive benefits and are usable and desirable is just the tip of the iceberg, creating life-changing new methods and technology that can be quickly adopted as new practices is the optimal outcome.

 

The industry needs to break further constraints in order to achieve higher breakthrough performance and to provide a service that is more cost-efficient while having a better service for all. Incorporating new innovations into business models will mean that healthcare organizations need to change how they diagnose, prevent, monitor, and treat disease. Organizations need to introduce non-traditional methods and get more comfortable with embracing change in order to drive innovation.

 

Some examples of recent ground-breaking innovations are methods such as next-generation sequencing which identifies at-risk populations, 3D-printing devices, Immunotherapy which has the chance to extend survival for cancer patients without the negative side effects of traditional chemotherapy, AI assisting humans with time-consuming tasks with greater accuracy, Virtual Reality creating simulated environments that can accelerate behavior change, Biosensors and trackers to monitor the health of patients, tapping Social Media platforms to improve patient experience and Telehealth, to reduce emergency room visits and complication prevention. 

 

The key issues that the NHS faces in particular that need to be addressed before successful innovation can happen would be; overcoming limited budgets, dealing with increased demand due to the population living far longer than ever before, clinical demands have meant there is an extensive strain on front line workers, public expectations are rising but also the repercussions of failure for clinicians or group boards when innovation does not go to plan. 

 

Many NHS staff have constructive ideas for how to improve the system, and who better to trust than the working professionals at the front line? If the NHS realizes the benefits of innovation and takes constructive criticism into consideration that is empowered by staff and patients’ feedback, the possibilities would be endless. There are already NHS offerings put into place to support innovation such as Innovation Challenge Prizes awarded at a national level for outstanding innovation in healthcare. There are also Innovation Portals, Scorecards, Clinical Entrepreneur schemes, and more. 

 

The Covid-19 Pandemic has meant there has been exponential growth and groundbreaking Research & Development in order to combat the virus, considerable amounts of money and time were put into extensive research in order to develop advanced products and solutions that will be used way past the end of the pandemic, changing the healthcare sector forever. Adopting this level of innovation at all times will equal ground-breaking innovation, which would change all of our lives, for the better.

To learn more about how your Health Care Innovation could be rewarded by the R&D Tax Credits Scheme, click here.