About us
Innovative new products, innovations management, investment and consulting, market access and better health outcomes.
It is six years since NHSIL's inception and in that time we have built an impressive track record and a reputation for delivering healthcare innovations that provide genuine patient benefits and quantifiable cost savings. NHS Innovations London Ltd (NHSIL) aims to aid the financial health of London NHS Trusts, the physical and emotional health of patients and the prosperity of innovation driven economies. We achieve this by leveraging our proven expertise in innovation management, our unique partnership with the NHS and our understanding of how healthcare works in real life.
NHSIL fast-tracks NHS innovations to market; helps commercial and public organisations innovate more effectively; and enables industry and healthcare providers to better understand the market they seek to serve. NHSIL bridges the gap between the NHS, commerce, governments and public bodies, uniting these diverse groups in a common purpose: to make healthcare better through innovation.
As NHSIL's business matures, the strength of the medical innovations pipeline coming from hospitals in London is being recognised globally as is the ultra-efficient and productive Xpedite® Innovations Management process.
The Xpedite® principles of efficient medical innovation and de-risking product pipeline have been adopted by others and a UK and international consulting business in innovations management has ensued. Our Xcelerate™ Health Outcomes business established in 2008 has successfully completed its first studies for the pharmaceutical, medical devices and diagnostics industry leading to a stream of new business opportunities.
Our change of strategy to focus on more, higher value projects is beginning to bring results and the value and quality of projects is increasing. Today we are progressing 2 medical device projects with a market potential of over $1 billion and 3 projects (1 diagnostic and 2 therapeutics) with market values of between $20 million to $100 million if they reach market.
Financial Services Authority (FSA) authorisation has been secured for Xpedite® Ventures Ltd. (managing the Xpedite® Healthcare Innovations Fund), a new equity based fund specialising in seed and early-stage investments in medical start-up companies. In 2009 the Minister approved £2 million of priming funds for this initiative with an investment cap of up to £500,000 per company for the creation of start up enterprises.
Xpedite® Innovation Management (XIM) Consulting
XIM is the process underpinning our high value innovation selection and ensures that the right projects receive investment and can be developed rapidly to bring new products and companies to market. Under our organization structure, decision making has been accelerated and team work enhanced resulting in increased efficiency of the evaluation process and greater productivity. Much of this reduction has been achieved by reducing to 10% the number of projects passing Gate 1 (feasibility) compared with 30% in 2008/9. Each year we invest in developing 10 - 15 projects and outsource their development to "best-of-breed" specialist companies worldwide. In 2008 we launched our XIM consultancy to enable third parties to benefit from the process and we secured our first consulting contract with the South African Government. Today this has grown to four contracts and during the year we have brokered others with groups in Boston, US and London, UK. This third party validation of XIM is helping to stimulate interest from other groups and during the year we have had government approaches in Europe, North America and Australasia. We have responded to the new agenda in healthcare, to deliver more and better services for less and enhance knowledge sharing and cooperation, by extending the scope of XIM consulting into a second and complementary area: Innovation Communities. These "Communities" aim to stimulate ideas sharing and collaboration.
During 2009 we gained our first Xcelerate™ Health Outcomes consulting contracts with a medical device SME and a major pharmaceutical corporation. These are progressing well and for the latter we are managing a project at 25 Trust sites. This is a nationwide initiative and underlines how NHSIL's national and international capability is expanding.
In addition to our expertise in managing innovation in partnership with the Trusts, we help industry better understand and access the healthcare market so that they can deliver products that offer real and affordable patient benefits. By virtue of our proximity to the UK healthcare market we can link commercial firms with the right clinical experts, information and data. We are currently managing projects with pharmaceutical, medical device, diagnostics and healthcare IT companies.
Globally there is recognition by many Governments that innovation is key to delivering economic prosperity. In the context of healthcare, NHSIL demonstrates that innovation can play its part by delivering better patient outcomes and cost savings. For the future, we must concentrate on higher value ideas, developing added value partnerships, novel healthcare informatics, consulting services and investment as priorities.
NHSIL has made a significant and positive impact on healthcare innovation in London Trusts. Today we have the depth of knowledge and breadth of engagement within the NHS to make a difference. Our expertise, objectivity and credibility coupled with our outward looking, commercially oriented approach means that people trust us to add value. We bridge the gap between the NHS and commerce, uniting disparate groups in a common purpose: to make healthcare better.
4th Floor, Telephone: + 44 (0)20 7025 0900NHS Innovations London Ltd
Audrey House,
16-20 Ely Place,
London,
EC1N 6SN.
Email: info@nhsinnovationslondon.com
