The Life Sciences and Medical Technology (MedTech) sector in Essex and the East of England will benefit from £500,000 investment injection from Essex County Council.
The investment into MedTech Accelerator Limited was approved at Cabinet on Tuesday 17 October. The Medtech Accelerator will provide initial proof of concept support funding to NHS organisations with the aim of developing commercial companies to deliver innovative clinical products to market.
Cllr Kevin Bentley, Deputy Leader at Essex County Council and Cabinet Member for Economic Growth, said: “We are investing in MedTech Accelerator Ltd as Life Sciences and the MedTech sector has a major impact on economic growth in Essex.
Both the Harlow Enterprise Zone and Public Health England will create jobs and business opportunities from both international and national companies from the MedTech sector.”
This approach is part of a wider Essex County Council investment programme, alongside the Councils recent investment in the proposed Anglia Ruskin University MedTech Innovation Centre within the science park at the Harlow Enterprise Zone.
This joint project with Anglia Ruskin University will boost the sector through supporting start-up businesses, small and medium-sized enterprises (SMEs) as well as international companies, leading to job creation within the Harlow area and boosting economic growth in Essex.
As well as the Innovation Centre, Public Health England will relocate its facilities to Harlow with 2,500 jobs transferring to the town by 2024. Both facilities will further increase the presence of the life sciences sector in the region and build its profile as an important element of the London-Stansted-Cambridge Corridor.
Essex has the potential to become a global leader in the fields of Life Sciences and MedTech and this investment shows the Councils commitment to developing this potential.