Innovation’s role in health and wealth: A £278 billion opportunity

Last week, alongside the spending review, we saw the release of the Defining the Size of the Health Innovation Prize report by Frontier Economics, commissioned by the Health Innovation Network. The report demonstrates the value of investment in innovation and how that can lead to both wealth and health. Health innovation could lead to a £246 billion growth in UK productivity by reducing ill-health, which equates to about 9.6% of GDP (Gross Domestic Product) and could attract a further £32 billion in foreign direct investment. There are three key strategies in particular where major economic productivity opportunities exist and in my latest Monday Musings, I will describe elements of this already in motion.

Targeted therapeutic innovation

The report outlines a £246 billion opportunity from reducing ill-health includuing £113 billion from targeting innovation towards four major health conditions: cardiovascular, mental health, musculoskeletal and respiratory.

Our employment support programme in Sussex is a perfect example of where we are already working to address this. Supported by the Department of Work and Pensions (DWP), NHS Sussex has partnered with us to scope, baseline and evaluate three pilot ‘WorkWell’ models at neighbourhood level. Using the vehicle of the emerging Sussex Integrated Community Teams (ICT) we are bringing together the right partners and identifying the right innovations which can support people experiencing mental health and musculoskeletal conditions, two of the most common health conditions the data shows that leads to long term sickness and economic inactivity. Find out more here.

Innovation to support NHS Staff

The NHS Long Term Workforce Plan was set out the ambition to recruit, retain and reform the workforce over the next ten to fifteen years. The report suggests £8.55 billion productivity gains for the NHS through reducing health-related workforce absences (addressing 233 million hours lost to ill health each year.) I remember working on the Staff and Learners Mental Health and Wellbeing Commission in 2018 led by Sir Keith Pearson, and a key message was ‘who cares for those that care for a nation’. If we can best support NHS staff, this will lead to better health outcomes and better patient experience, as well as less sickness absence.

A few weeks ago it was great to see women’s health innovator Aneira Health launch a partnership with Guys and St Thomas’s NHS Foundation Trust, in a project to provide AI-enabled healthcare for women working for the NHS, focusing on fitting around busy lives, improving access, and delivering personalised, proactive care.

Similarly, if we can utilise technology to release administrative burdens on staff this would help well-being. I have felt this anecdotally in the use of two AI tools in my practice over the past couple of months, an AI scribe/Ambient Voice Technology, and the use of smart triage of patient access. At Health Innovation KSS we are expecting the results of a multi-site evaluation of Tortus in Kent within months, supported by Kent Community Healthcare Trust and the Integrated Care System.

Attracting foreign direct investment

Life sciences is already a major contributor to the UK economy, and attracting foreign direct investment in this area is a major economic driver, helping to secure a higher-wage, higher-skilled economy. The Size of the Prize report suggests that a stronger innovation offer could lead to an additional £32 billion of additional foreign direct investment in life sciences in the UK.

Our innovator support offer helps to attract the best of foreign innovation as well as our work with UK small and medium enterprises supports them on their journey to access investment funding. Similarly, we are a partner in the Kent, Medway and Sussex Secure Data Environment, where a global project with Pfizer on personalised e-labelling has garnered significant interest and promise.

The alignment of health and wealth through innovation is a powerful concept, and the Size of the Prize report offers a robust outline for realising these gains. By strategically targeting health conditions that impact economic productivity, supporting the NHS workforce with innovative tools, and attracting foreign investment in the life sciences, the UK can pave the way for a healthier and wealthier future.

Read the full report here