The UK hasn’t lost its faith in Israel. Far from it. As a matter of fact, Britain is more interested than ever in interested in Israeli startups, seeking to forge new tech partnerships between the two nations. Back in 2018, the NHSA signed a memorandum of understanding with the UK Israel Tech Hub to bring health and medical technology innovations to the North of England. The UKITH, which is based in the British Embassy in Israel, is responsible for connecting businesses within the two countries. Up to this time, the hub has closed about 175 partnerships in deals worth approximately £85 million. Israel may very well become one of the UK’s most prominent business partners in the medical device industry.
A Deeper Look into Israel’s MedTech Sector
Israel has been recognized internationally as a place of innovation. According to the annual Bloomberg Innovation Index, it’s the 5th most innovative nation on the globe. Not many are aware of the fact that the medical device industry has made the most significant contribution to its success. recent successes that attract global attention are:
- Vayyar Imaging – The Israeli startup provides sensors to the medical industry that enable healthcare professionals to monitor people’s vital signs. Their solutions come in handy in laboratories too. They’re the absolute leaders in 4D radar imaging technology.
- Brainsway – It’s focused on the sale of non-invasive neuromodulation products for depression based on magnetic stimulation.
The MedTech sector is one of the most developed and entrepreneurial industries. Startups enjoy numerous benefits, including support from behalf of the government. Let’s not forget about the high concentration of the remarkable academic institutions and medical centers that provide an opportunity for collaboration.
UK Hospitals Will Profit from Israeli Solutions
Numerous medical health and medical technologies have been brought to the North of England in the last year alone. British researchers and patients now take advantage of Israeli MedTech solutions. The aim is to make people’s lives easier and better. Until now, MedTech was focused exclusively on developing new products, pricing and distribution models. At present, we’re experiencing a new wave of possibility regarding insurance and how it impacts people’s lives.
Britain is one of the few EU countries willing to spend money on telehealth and telecare. It’s one of the reasons why the healthcare system manages to be better than the average. Nevertheless, the dialogue of health reform needs to move beyond these schemes to an examination of more important issues. If we were to talk to a private health insurance broker, for instance, they would confirm that people don’t have access to essential health services and, more often than not, take out policies from private insurers to avoid paying hefty surcharges.
Getting back on topic, the TeXchange 2020 has been officially launched by the British Embassy on 6 November 2019. The flagship technology program is all about healthcare innovation. It will bring to Britain a group of innovative Israeli startups that will be gradually introduced into UK enterprises. The aim of the program is to create a continuous flow of digital tech pioneers, ideas, companies, and technology between the UK and Israel. Interestingly, TeXchange is open to applications from India, Kenya, Nigeria, and South Africa.
All in all, Israeli technologies have been and continue to be popular with English businesses. There is no way of predicting the future, but one thing is for sure. Top leaders in digital health will find ways to collaborate and make a true impact on both ecosystems. It’s hoped that even more Israeli companies will consider the UK their home.