£33million Health Tech Innovation Funding Boost for Swansea

Swansea University Medical School has welcomed the announcement of £33million of Welsh Government funding to develop new, innovative healthcare products and services, which will help boost the economy and create high quality jobs.

£24million of the funding which comes jointly from the European Regional Development Fund and Welsh Government will support the new Accelerate programme which will see Swansea University, Cardiff University and the University of Wales Trinity Saint David come together to speed up the translation of ideas into new technology products and services.

The Accelerate programme, launched at the beginning of the month, will run over three years, is being led by the Life Sciences Hub Wales and will bring together clinical, academic and industry expertise to develop and roll out new, innovative products and services within the Welsh health and care system.

Professor Keith Lloyd, Head of the Medical School at Swansea University, said the funding would help build on the already strong life science sector – which is worth around £2billion to the Welsh economy.

Professor Lloyd said: “We are delighted to be part of this exciting new Accelerate programme. The Medical School has contributed significantly to the growing life science sector through its Institute of Life Science (ILS) at Singleton campus. As a top 3 UK Medical School we are committed to ensuring the research, innovation and expertise within our Medical School is used to prevent ill health, develop better treatments and be at the forefront of new technologies which can be used to improve care in the NHS.

£9million will also be used to create additional health innovation centres across Wales. The aim of the centres will be to develop cutting edge health technology to improve the prevention, treatment and management of long term chronic conditions and take advantage of new and emerging technologies.

The money was jointly announced by the Cabinet Secretary for Health Vaughan Gething and the Cabinet Secretary for Economy Ken Skates.