Europe and Asia to overtake US in medical research
23rd January 2015 0 Comments
According to the Journal of the American Medical Association, the US – once proud leader in medical research – is loosing its grip on the market, and Europe and Asia are on an upward trend. The journal concludes that if the current trend continues, the Europe and Asia will overtake the US in the coming decade.
Pressure on UK healthcare
As a UK-based research and technology company, we are happy to see that Europe is becoming a market leader in medical research.It has been estimated that by 2020, double pressure on the service could cause a £30bn deficit in the NHS. Therefore, the more investment in frontline NHS services, and medical research and technology, the better placed the UK will be to minimise these effects.
The decline of US medical research
University of Rochester neurologist Ray Dorsey M.D., M.B.A., a co-author of the study, claims that “U.S. medical research remains the primary global source of new discoveries, drugs, medical devices, and clinical procedures,”He continues, “However, a decade of unprecedented growth in research activity has been followed by a decade of steady decline which now leaves open the possibility that other nations could assume global leadership given their increasing investment in biomedical research.”
Medical innovation is an effective cost-reducer
Costs in the NHS are rising. However, medical science and technological innovation can be an effective way to reduce costs, freeing up healthcare budgets for spend on the frontline.As an example, the NHS uses 40.3 million cubic meters of water annually, but by using Medi-Shower, up to 20% could be saved. That would equate to a financial saving of £9.5 million. Ultimately, if the US wants to reverse the negative trend it is seeing, it will need to invest more heavily in medical research and technology. Otherwise, Europe and Asia will see their predicted overtake in the coming decade. The US will have tough competition, however, as there are an increasing number of medical technology start-ups like ours driving UK innovation in the sector.Medi-Shower is a product that will reduce costs, prevent waterborne infection, and increase overall effectiveness in the water system. Find out more about how it will innovate here.
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Medi-Shower has received Grant for Research and Development support from Invest NI under the European Union’s Investment for Growth and Jobs Programme. The project, recorded on the ERDF beneficiaries website, will be implemented over the next 3 years, undertaking research and development activities aimed at improving the competitiveness of the business.
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