AHSN Network delivers almost £500m in economic growth
The Innovation Agency and its fellow 14 Academic Health Science Networks (AHSNs) have generated nearly £500m in inward investment in the last two years, new figures reveal.
The Network also created or safeguarded nearly 2,000 jobs in the same period. The inward investment figures far exceed the £13m in annual funding the Network receives to deliver economic growth.
In the last financial year the Innovation Agency supported 343 companies, resulting in the creation of 112 jobs, and secured £12.8m in funding and more than £5.3m worth of new contracts with the NHS, as we reported in September.
The Innovation Agency’s commercial team delivers bespoke support to small and medium-sized companies with innovations that have the potential to benefit the health and care system. They also introduce UK and overseas companies with healthcare solutions to the North West Coast.
Nicola Hutchinson, Economic Growth Director for the AHSN Network, yesterday said:
“The value of health innovation has never been as evident as it is now.
“I am extremely proud of our AHSN teams across the country who have played a vital role in delivering transformation of key NHS services and pathways. Every day our teams support health innovators from idea to implementation, so that they can in turn support our NHS staff and improve the lives of patients.
“In this difficult economic climate, it is more important than ever to provide the right kind of guidance to companies who can prosper and help our nation to recover from this crisis.”
Simon Sandford, Director of Cheshire-based community interest company Healthbox, which delivers a range of community services, yesterday said:
"The Innovation Agency has been brilliant. They've helped us focus, shown us we're running a business; before, we wanted to help everyone – now we focus more on generating revenue so we can continue to provide the services we want to.
“Our turnover last year was £700K. This year, we’ve turned over £1.2m. We're employing more than 40 people, up from 24 last year."
Lee Omar, founder and CEO of Safe Steps, the Liverpool-based digital tool for assessing the risk of falls, yesterday said:
“The Innovation Agency has been instrumental in helping us get traction in the care home network and in the wider Cheshire and Merseyside health and care system.
“In the past year we have taken on three additional staff and signed contracts worth £360,000 with healthcare organisations – the Innovation Agency’s help has been invaluable.”
The Innovation Agency and the AHSN Network work closely with a large range of companies, helping them to adapt quickly and respond to NHS needs effectively.
For example, in the early days of the pandemic the Network was able to quickly curate a database of more than 350 proven technologies that had the potential to support the NHS in particularly challenging areas.
The economic growth impact survey shows that the investment leveraged by the AHSNs in England doubled from £152m in 2018-19 to £322m in 2019-20 – a total of £474m over the two years.
Latest News from
Help for businesses to ‘excel in health’08/01/2021 09:10:00
A series of workshops is on offer to North West Coast businesses with products aimed at health and care organisations.
Applications open for Pathway Tranformation Fund22/12/2020 11:05:00
Applications for phase three of the Pathway Transformation Fund (PTF) will open from Monday 4 January.
Cheshire inventors receive health tech funding for innovative foot blister prevention pad03/12/2020 09:10:00
The Cheshire-based inventors of a ground-breaking blister prevention pad have received £10,000 funding to further develop their technology in the NHS.
New career routes in psychological professions18/11/2020 09:10:00
A ground-breaking new career route for psychology graduates to enter the NHS is being launched in the North West Coast.
Cheshire and Merseyside Baby Week17/11/2020 12:25:00
Six days of activities to boost the health of mums and babies are taking place this week, 16-22 November, with the support of the Innovation Agency.
New chief exec for Innovation Agency26/10/2020 12:25:00
The Innovation Agency has appointed Dr Phil Jennings as chief executive, four years after he joined the organisation as medical director, later becoming deputy chief executive.
Facemask manufacturing facility launched by family business in Lancashire26/10/2020 10:15:00
A manufacturing facility for civilian and surgical masks has been launched by Lancashire family business Issa Group. The new facility, Walton Mill, is based in the heart of Lancashire.
NHS trusts and suppliers in the North receive awards for response to COVID-1926/10/2020 09:15:00
An NHS trust and two innovative suppliers claimed top honours at this year’s NHS in the North Excellence in Supply Awards.
Business leader to head SEED healthcare alliance in Lancashire and South Cumbria22/10/2020 09:10:00
The former managing director of BAE Systems Corporate Services, Steve Fogg, has been appointed as chair of the SEED alliance - a multi-sector collaborative set up to contribute to ‘health and wealth’ in Lancashire and South Cumbria.