Medical technologies could save UK economy half a billion, report shows

Medical technologies could generate almost half a billion in savings for the NHS, a new report by the Medical Technology Group has found.

The report shows that the use of eight medical technologies could save the UK economy £476 million in reduced long-term health costs and benefit payments. The savings are equivalent to 20,000 nurses or 10.5 million GP visits.

The technologies highlighted in the report include coronary angioplasty, hip replacements, implantable cardiac defibrillators (ICDs), insulin pumps, diagnostics including sepsis, pain management, fibroid embolisation and wound care.

A fifth of the savings were estimated to come from coronary angioplasty, used to open blocked coronary arteries and restore blood flow to heart muscle. In 2015, almost 100,000 coronary angioplasty procedures were carried out, with 36% of in people under 60 years old. It’s estimated that 93% of patients in employment return to work after the procedure, becoming economically active again.

The savings in benefits for those returning back to work is equivalent to £123.3 million every year and is replicated every year for the rest of the patients’ working lives.

Other findings of the report show that 18,500 people are currently in work thanks to hip replacements, saving the economy £70 million every year; insulin pumps save the economy £13.8 million every year, helping people with diabetes manage their condition and £3 million every year is saved by patients returning to work with an ICD.

More so, greater access to fibroid embolisation could deliver £76 million a year in savings; better management of chronic wounds could deliver over £25 million in savings a year and £160 million could be saved by using rapid diagnosis to screen patients with suspected sepsis.  

Barbara Harpham, chair of the Medical Technology Group, said: “Medical technology has an enormous impact, both in terms of the quality of life that it offers patients and in the cost savings to the health service and the wider economy. Very often a single procedure can get a patient back to work or caring for their family and can instantly eliminate thousands of pounds in longer term treatment or unplanned admissions. In fact, we have not yet tapped into the full potential of all the medical technology currently available.

She added: “The trouble is that the upfront cost of medical technology often means patient access is being limited and cheaper short-term solutions being chosen; in other words, a false economy.

“With the NHS budget under increasing pressure, it’s time we rethink the approach to rationing medical treatments that gives people back their lives. It may look good on paper in this budget year, but doesn’t benefit patients and costs the health service more in the long run.”