The budget and upcoming reform of the NHS could be the start of new era for medical technology - but to harness its potential we need to get spread and adoption right, says Barbara Harpham, Chair of the Medical Technology Group. MTI Expo Harpham speaking at MTI Expo 2023 The Chancellor has announced her first budget, injecting 22.6 billion GBP into the day-to-day spending on the NHS while raising capital spending by 3.
1 billion GBP. The budget comes amidst a transitory period for the health service. There are signs of recovery, but post pandemic struggles with the backlog and productivity continue.
Alongside this, we are on the eve of the government’s push for reform, as next year could see more substantial plans for both spending and its ten year plan outline a vision for a digital health service built around a preventative, community focused model. This budget could therefore be just the start of a vitally important era for both the health service and the medical technology sector, which will have a pivotal role to play in ensuring the government makes the best of both spending and reform. With this comes a growing push to frame investment in the health service as an economic boost.
Last year the NHS Confederation outlined the economic benefits of health spending while a recent OBR report outlined that deteriorating public health poses one of the largest long-term risks to public finances. Keeping people fit, healthy, and out of hospital, will be the measure of success fo.