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Accountancy firm Azets is set to participate in the West Midlands Health Tech Innovation Accelerator (WMHTIA) project that has been awarded a share of a new £100m government innovation fund to drive new medical and healthcare technologies towards commercialisation.
The WMHTIA is being led by the University of Birmingham and has received £14m in funding from the West Midlands Combined Authorities’ Innovation Accelerator, which is part of an Innovate UK funded programme.
The project is focused on addressing the challenges of bringing new medical and healthcare technologies into the UK market. It aims to unite key players in universities, hospitals, industry and government-funded ‘Catapults’ for manufacturing innovation to help companies navigate ‘pinch-points’ in the commercialisation process.
Together these approaches support the West Midlands Plan for Growth by aiming to create a cluster of commercial activity, helping drive economic growth and enhance resilience.
They will also ensure that local patients will benefit first from new medical technologies targeted at reducing healthcare inequalities in the region.
Paul Clifford, UK head of client service at Azets, will lead the firm’s team which brings accounting, tax, audit and business advisory expertise, with a specialist focus on SMEs and owner-managed businesses.
The consortium also includes international full service law firm Shoosmiths, bringing legal expertise and deep sector experience to the consortium; and Acuwomen, the UK’s first all-women business consultancy founded by Dr Angela Maxwell OBE.
The investment is also expected to bolster the region’s health innovation and R&D capability, growth and spark further investment, “positioning the West Midlands as a leading region for medical innovation”.
Clifford said: “This is an exciting opportunity for us to make a meaningful impact and I am proud to lead the Azets team alongside the University of Birmingham, Shoosmiths, and Acuwomen.
“This has the potential to transform the healthcare industry and improve the lives of millions, as well as sparking new innovation and investment in the West Midlands. As an accountancy and business advisory firm specialising in SMEs, we recognise the importance of supporting innovation and entrepreneurship, and we are committed to providing our expertise and services to help the region’s health and medtech companies thrive.”
Professor Liam Grover, project lead of the University of Birmingham’s Healthcare Technologies Institute, added: “Commercialising new healthcare and medical technologies can be fraught with regulatory hurdles and big funding gaps. Our approach will help companies make sure they are taking the right steps, addressing a clearly defined healthcare need and working with the right partners to achieve success in the marketplace.”
