According to a new study from GovGrant, 47 per cent of UK SMEs in healthcare-related sectors consider cost to be the main barrier to innovation. A further 46 per cent of healthcare SMEs said that a lack of opportunity to innovate was the biggest barrier.
Furthermore, the research found that 86 per cent of companies from the healthcare, medtech and pharma sectors consider innovation to be crucial to their recovery after COVID-19.
According to the study’s findings, 76 per cent of SMEs in healthcare, 78 per cent of those in medtech and 82 per cent in pharma are aware of the government offering research and development (R&D) tax credit and schemes incentivising R&D.
The government has sought to acknowledge the importance of innovation in order to recover from COVID-19, as well as the fact that the pandemic presents an opportunity for R&D, through the publication of the UK R&D Roadmap.
Among healthcare SMEs, 76 per cent said that COVID-19 was an opportunity to pursue innovation, a view shared by 63 per cent of medtech firms and 71 per cent of pharmaceutical companies.
GovGrant CEO Luke Hamm commented: “The UK government has publicly recognised the role of innovation in the R&D roadmap, but it needs to do more to enable and incentivise UK businesses to innovate and build back better.”
“For the health sector in particular, innovation is at the forefront of the response to COVID-19 that will help drive recovery from the pandemic and we can’t afford for cost to be such a big part of the reason for why it’s not happening.”