Health Tech, the programme which helps West Midlands SMEs develop and market innovative new medical and healthcare products, has received a £1.5m funding injection. The money will help Health Tech expand and extend its work through to the end of 2008.
The Health Tech programme is run by the WMG spinout at Warwick University and is supported by a European Regional Development Fund grant through the Government Office for the West Midlands. This enables it to provide five days of free assistance to its client SMEs in geographic areas with the greatest need for development.
Colin Davis, head of Health Tech, said: ‘The healthcare sector can be very rewarding for companies both from a social responsibility standpoint and from the financial perspective, particularly in an environment that offers comparative stability and good growth prospects. However, there are barriers to entry and issues to address in product development that are peculiar to the sector which is why the Health Tech programme was set up with its broad based team able to help with multiple facets including strategies, marketing, innovation, diversification, manufacturing, logistics, certification, software and many more.’
The programme has been operational since 2003 and has worked with over 80 SMEs in the West Midlands with considerable success.