Keeping Britain Working
‘Keeping Britain Working: How medical technology can help reduce the cost of ill health to the UK economy’ – November 2017
In November 2017, The Medical Technology Group launched its second major study, ‘Keeping Britain Working – How medical technology can help reduce the cost of ill health to the UK economy’.
Building on the Work Foundation’s 2011 study and launching in the House of Commons, the report explores the societal and economic impact of eight technologies: hip replacements; implantable cardiac defibrillators (ICDs); insulin pumps; diagnostics, including sepsis; fibroid embolisation; pain management; wound care; and coronary angioplasty.
The report concludes that £476 million in savings per year could be generated in reduced long-term health costs and benefit payments from the use of these eight technologies alone. If that money was put back into the NHS it would pay for 20,000 nurses or 10.5 million GP visits.
Work Foundation Report
‘Adding Value: The Economic and Societal Benefits of Medical Technology’ – November 2011
In November 2011, The Work Foundation published a report, ‘Adding Value: The Economic and Societal Benefits of Medical Technology’, funded by a research grant from the MTG.
The report, which was launched in the House of Commons, identified three key areas of benefits from medical technologies.
- Improvements in health care (quality, efficiency and the empowerment of patients);
- Improving quality of life and independent living (reducing fears and anxiety, increasing flexibility, and reducing the need for informal care and the burden on informal caregivers);
- Labour market participation and productivity (increasing labour market participation, retaining skills and improving productivity).
A copy of the report is available here: Adding Value The Economic and Societal Benefits of Medical Technology.