Medical device company Medovate Ltd, a manufacturer of innovative medical technologies created from within the NHS, is the first business to answer the call to donate to a new fund to support NHS innovation.
Innovate Now is a new fundraising initiative launched by Health Enterprise East (HEE), the leading NHS innovation hub, to support local NHS Trusts and social care services to build capacity to help them return to normal service levels as the peak of the coronavirus pandemic subsides.
The aim of the initiative is to fund accelerated development of innovative devices, diagnostics and apps to help the NHS tackle the backlog of consultations, screenings and surgeries. This will help services to return to normal levels with the required new safety and social distancing requirements.
Medovate develop and manufacture innovative new technologies from within the NHS and beyond to improve patient care and appreciate the importance of providing initial funding to support new ideas.
A pioneering business model enables Medovate to bring together the essential finance, technical and management resources required for medical technology development and commercialisation. Medovate works closely with both the NHS and clinicians to identify, develop and commercialise innovative medical devices.
The first product successfully commercialised by Medovate, and launched in the United States in June 2020, is SAFIRA®: SAFer Injection for Regional Anaesthesia. SAFIRA® was developed in partnership with the NHS and regional anaesthesia professionals and provides potential benefits including improved patient safety and cost savings.
Another product, currently in development, originating from the NHS is HUMIDICARE® a novel Heat and Moisture Exchanger (HME). HUMIDICARE® has an integrated safety warning system, which alerts staff when it has been inadvertently attached to a heated humidified system, therefore helping to reduce risks to patients.
Where innovative ideas are commercialised, Medovate’s unique business model means the NHS further benefits from a share of commercialised revenues being returned to the Trusts and their inventors from where ideas originated.
Commenting on the Innovate Now initiative, Stuart Thomson, MD of Medovate, said:
“The fund is a perfect fit with Medovate’s mission to champion the development and adoption of effective and proven healthcare innovations swiftly but without compromising on quality to promote improved healthcare.
The recent Covid-19 epidemic has highlighted the need for increased development and adoption of innovation to help the NHS deal with the pandemic challenges. This momentum now needs to be maintained as the NHS looks to restore routine services with new requirements on safety and social distancing.
Medovate has demonstrated the impact early funding support can make to realising the benefits of innovative ideas for the NHS, and we are delighted to be the first donor to kick start the fundraising for this important initiative.”
Medovate’s product portfolio focuses on anaesthesia, airway, critical care and surgery, and it is currently working with the NHS on several projects.