A new initiative has been launched in the UK to support the medical technology sector, specifically small and medium-sized enterprises (SMEs).
The MedTech Accelerator: Rapid Regulatory Support Fund (MARRS) is a six-month program that aims to assist up to 140 SMEs in developing medical devices and diagnostics.
The program, funded by the UK government and managed by CPI in collaboration with the Office for Life Sciences (OLS), offers grants of up to £30,000 to cover external regulatory guidance and support.
This initiative addresses the challenges faced by SMEs in complying with evolving regulatory requirements, which can delay the availability of medical technologies.
The launch of MARRS is a response to research indicating that many MedTech companies are experiencing delays in bringing innovations to the UK market.
Approximately 50% of companies surveyed expect to postpone the introduction of their medical products due to regulatory hurdles.
The MARRS program aims to create a more streamlined pathway for these innovations, ensuring that patients can benefit from advancements in medical technology without unnecessary delays.
In addition to financial support, the program also aims to foster a culture of innovation within the UK's MedTech sector.
It seeks to identify major technology and investment opportunities to unlock the potential of SMEs and encourage the development of transformative medical devices.
The OLS is committed to supporting SMEs through the initial stages of their journey to market, recognizing their vital role in advancing healthcare solutions.
The MARRS program opened for applications on 9 October 2024, with a deadline for decisions set for 29 November 2024.
However, only the first 300 applications will be considered, highlighting the competitive nature of this funding opportunity.
The launch of MARRS aligns with the UK government's efforts to position the country as a leader in life sciences and medical technology.
The success of this initiative could serve as a model for similar programs in other regions, emphasizing the importance of regulatory support in fostering innovation and improving patient care.