In 2021 Regulatory vacancies in UK rose faster than the EU surging 61% year-on-year. In 2022 the EU saw a recovery in vacancy growth at a rate of 14% versus the UK. Last year saw a significant drop in hiring within the Regulatory Affairs sector within UK Life Sciences, London seeing a decrease of 19.6% versus 2021, while the rest of England and Wales (E&W) suffered a more dramatic decline of 25.8% in job volumes in 2022. This does not read well for the UK market. One glint of light currently can be seen with the UK initiative around novel HealthTech.
In November 2022, the Life Sciences Council acknowledged that the development of new sovereign arrangements for the regulation of medical devices presented an excellent opportunity to drive innovation and growth in the UK. The Advisory Group was formed to provide initial proposals to government in three priority areas: international recognition; routes for innovation; and system capacity.
The UK is quickly advancing in its recognition as the Silicon Valley of Europe’s healthcare sector, presenting myriad opportunities for would-be investors. In striking contrast to less than positive forecasts around inflation and continued negative news around macroeconomic outlook, interest in the global healthtech landscape is as vigorous as it has ever been. Healthtech investments in the US, EU and UK hit a record $23bn in the first three quarters of 2022. This positive trend continues in 2023. The UK has been at the front of the pack over the last seven years in terms of investment.
UK start-ups are producing some of Europe’s most advanced and transformative solutions to the challenges faced by modern healthcare providers across the globe. Covid-19 no doubt accelerated knowledge and patient adoption across the UK highlighting the benefits of a highly digitalised and advanced healthcare system. Investors now look to capitalise on the growth of these start-up companies whilst also supporting healthcare systems as they undergo, what can only be called a revolution in the way these innovations interact with patients.
Now more than ever the UK must be viewed as the first-place innovators bring novel HealthTech for approvals and must therefore develop a best-in-class regulatory system that assures and enhances patient safety. The reform of the UK’s Medical Device regulation offers a golden opportunity to drive innovation and growth in the UK’s Life Science sector while ensuring patient safety remains at the heart of the regulatory approach. But there is an urgent need for action to ensure we do not lose this opportunity.
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Yvette Cleland - CEO | Cpl UK