Health Innovation to the United Kingdom

Program dates

March - April 2024

Key event

In market visit, 22 -26 April 2024.

In-person attendance at the event is required. The Going Global Export Program will cover the cost of a single conference registration. Participants are required to fund their travel, accommodation, incidentals, and conference registrations for additional attendees.

Why this market

The UK and Australia provide state funded universal health care with a shared expectation on quality and outcomes. It costs roughly £3 billion a week to run the NHS. With a population of 67 million people, a deteriorating health outlook and a rapidly aging population is creating increasing demands on the public.

The national health budget reduced by £10 billion in the last financial year to reduce budget deficits. This means that innovation is more crucial than ever for enabling the health service to increase the speed of diagnosis and deliver better outcomes for patients.

The health sector in the UK is also undergoing a transformative process, prioritising both patients and the environment. This process is being guided by:

• the NHS Long Term Plan
• the NHS People Plan
• the Core 20PLUS5 strategy to lessen health gaps
• and the UK Life Sciences Vision.

The NHS is leading as the first health service globally to pledge achieving carbon zero, as detailed in the "Delivering a Net Zero Health Service" plan. Innovative products and services are sought to bring this collective vision to life. 

The Australia-UK FTA also came into effect on 31 May 2023, opening up the UK’s 67.5 million people market and fifth largest economy. This strong trading relationship, as well as mutual trust, mean it’s never been a better time for NSW companies to export to the UK.

The Australia-UK FTA activation enables NSW health innovators to compete on an equal footing with domestic businesses, mitigating financial and behind-the-border barriers to trade, including:

• the removal of localised data hosting requirements
• access to UK Government procurement contracts
• introduction of digital contract execution
• providing the ability to enforce contracts between markets.

This program will see health innovators from NSW embark on a weeklong program in the UK.

Curriculum

Introductory sessions

• Welcome webinar – around 12 March 2024
• Access to 13 self-serve factsheets developed by the Export Council of Australia exclusively for Going Global participants
• Access to Intellectual Property protection briefings from IP Australia

Market intelligence briefings and cultural training 

• Overview on UK health ecosystem and doing business in the UK (webinar)
• Regulatory overview and UK expansion (webinar)

Potential partner search and introductions

• In-person pre-departure briefing and networking in Sydney
• In-person participation in the UK – with in-market assistance and logistical support from Investment NSW
• Identification of potential partners
• Targeted business matching and in-market networking opportunities

Ongoing advice and follow up

• Ongoing support provided by a dedicated NSW Government Export Adviser.

Note: the curriculum is subject to change

We estimate you will invest approximately 6 hours on our educational/training programs prior to travelling in-market. This does not include any optional activities or work your business may need to do outside of sessions.

* Final dates are to be confirmed and the curriculum may be subject to change

Participation requirements and success factors

Eligibility for the overall Program

• Have headquarters in NSW
• Have a valid Australian Business Number (ABN) registered for NSW 
• Be export-capable and export-ready 
• Have an employee number between 5 and 199 full-time equivalent (FTE) employees 
• The product or service must be produced primarily in NSW
• The product or service is achieving sales already
• Have a website featuring the product or service
• Be prepared to adapt the product or service for the new market
• Be flexible regarding market-entry method
• Have resources to support marketing and development for a new market
• Be willing to travel to the selected market and/or to Sydney for events, and must cover own travel expenses

Note: this program is designed for NSW businesses who produce and own their own brand. This program is not for aggregators, traders, or businesses who sell services to exporters.

Additional eligibility requirements for this stream

Applicants should be able to demonstrate:

• Funding or revenue to support UK market expansion
• Clear pathway to profitability or already a profitable business with a clearly articulated regulatory pathway and reimbursement plan
• Have already identified potential customers and partners in the USA and/or already have some market traction
• Clinically validated (if product is subject to trial) or will be in the next 12-18 months
• Commitment to establish business partnership/s in the UK in the next 12-18 months
• Be up to date with reporting of outcomes derived from previous Investment NSW support (please contact [email protected] if you need to update your reporting).

The ideal participant 

• Has a compelling proposition for the UK market
• Has already checked the product fit for the UK market
• May already have some enquiries/leads in the UK market
• Has global business experience
• Ideal product categories:
  • BioTech
  • Pharma
  • MedTech
  • Digital Health

Apply

Applications closed on Wednesday 6 March 2024.

Applicants will be notified of the outcome around Friday 8 March 2024.

Note: Places on this program are limited. Applicants who have not previously participated in a Going Global Program to the United Kingdom or have not participated in a Going Global Program market stream in this financial year will be given priority to participate in this stream. In general, businesses should participate in only one Going Global Program stream per financial year.