Using Sector Evidence and Expertise to Improve Medical Technology Regulations, Achieve Better Health Outcomes, and Grow the Economy: CSEP and the UK’s Life Sciences Sector Industrial Strategy
The Centre for Sectoral Economic Performance (CSEP) is a new institute based at Imperial College and funded by the Gatsby Charitable Foundation. CSEP strives to contribute to the UK’s Economic Growth by employing rigorous academic research, the latest scientific and engineering knowledge with bottom-up business informed analysis to create innovative, meaningful and actionable sector strategies to create growth in jobs and economic value add.
CSEP analysis has shown that the UK’s HealthTech sector is one of the country’s hidden gems. The UK HealthTech Sector contributes £13.5 Billion of Gross Value Add (GVA) to the UK economy annually and, since 2016 has grown at a compound annual growth rate (CAGR) of 19%. Wages, turnover and exports associated with the sector have also grown over the 2016-2020 period at CAGR’s in the 14-19% range. Working in partnership with the Association of British HealthTech Industry (ABHI) and the broader HealthTech businesses community, an industry led strategy to further grow the sector has been created. The sector strategy contains a 6-point delivery plan, with clear actions, timelines and goals that ABHI with CSEP support have been executing this year. Roadshows have been held up and down and across the country to share the strategy and to seek further refinements and guidance from the sector.