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The Healthcare Technology Venture Market in Europe, UK and Yorkshire & Humber About Library Innovation Group (L.I

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The Healthcare Technology Venture Market in Europe, UK and Yorkshire & Humber About Library Innovation Group (L.I L.I. Group The Healthcare Technology Venture Market in Europe, UK and Yorkshire & Humber About Library Innovation Group (L.I. Group) The L.I. Group was formed as a spin-out company from the Library House Consulting Department. The company uses established evidence-based research methodologies to deliver strategic insights into innovation-led companies and markets. It also advises public and private sector organisations on strategic issues that involve technology, innovation, entrepreneurship and finance. Project Team: Martin Holi Alexander Jan Stephen Mounsey Dr Jonathan Lawton Dr Siobhán Ní Chonaill Malgosia Rozycka For more information about the contents of this report, please contact: i L.I. Group St John’s Innovation Centre Cowley Road Cambridge CB4 OWS United Kingdom www.li-group.co.uk [email protected] Access To Finance For Healthcare Technologies Programme Access to Finance for Healthcare Technologies is an investment readiness programme established by Yorkshire Forward to assist companies in the Health Technology sectors. The programme addresses three key factors relevant to the Yorkshire & Humber region: • the opportunity to develop investment markets, especially for companies in complex and challenging markets such as healthcare; • the opportunity to engage talented business support professionals able to provide advice and guidance on raising finance in general and especially in this sector; and • a shortage of existing successfully venture backed companies to act as role models, explain the process and showcase the benefits. The programme is scheduled to run for an initial period of three years from January 2009 and is delivered by a consortium of three companies, led by Grant Thornton UK LLP and including Quotec and BITECIC. www.investinginhealth.co.uk The Healthcare Technology Venture Market Contents 1. Executive summary ............................................................................................1 2. Introduction .......................................................................................................2 3. The healthcare technology sector ........................................................................3 3.1. Pharmaceutical industry ................................................................................................ 4 3.1.1. Global and European pharmaceutical industry ...............................................................5 3.1.2. The UK pharmaceutical industry .....................................................................................5 3.1.3. Pharmaceutical industry in Yorkshire & Humber .............................................................7 3.2. Medical technology industry ..........................................................................................7 3.2.1. Medical technology product naming classification......................................................... 8 3.2.2. Cardiovascular ............................................................................................................... 8 3.2.3. Diagnostics ................................................................................................................... 8 3.2.4. Orthopaedics ................................................................................................................ 9 ii 3.2.5. Global expenditure in medical technologies .................................................................10 CONTENTS 3.2.6. Medical technologies in Europe ....................................................................................10 3.2.7. Medical technologies in the UK ....................................................................................11 3.3. Medical technologies Yorkshire & Humber ....................................................................12 4. The financing cycle of healthcare technology companies ..................................... 13 4.1. Where do healthcare technology companies come from?............................................. 13 4.2. Is the United Kingdom a good place to attract venture capital investments? ................13 4.3. Is this also true for healthcare technology companies? .................................................14 4.4. First round investments ................................................................................................16 4.5. Who are the early-stage investors? ............................................................................... 17 4.6. How much capital was invested? .................................................................................. 17 4.7. Follow on investment rounds .......................................................................................18 4.7.1. European investors in healthcare technology companies ..............................................19 4.7.2. Top deals in Europe ......................................................................................................22 4.7.3. Top deals in the UK .......................................................................................................22 5. The attractiveness of Yorkshire & Humber .......................................................... 23 5.1. The investment landscape in Yorkshire & Humber ........................................................23 5.1.1. The origin of companies in the region ...........................................................................23 5.1.2. Venture capital backed university spin-outs in the healthcare technology sector ..........25 5.1.3. Independent healthcare technology start-ups ............................................................. 26 5.2. Investors in Yorkshire & Humber ...................................................................................27 5.3. Venture capital investment successes .......................................................................... 29 6. Future trends in the healthcare technology venture market .................................30 7. Sponsors of Access to Finance for Healthcare Technologies Programme ................38 Foreword Yorkshire & Humber is at the forefront of the UK’s latest advances in healthcare making it an important region for the healthcare technology industry and one of the fastest-growing nationally. It has one of the UK’s highest concentrations of medical device companies, superb specialist skills (especially in surgical instrumentation, orthopaedics and advanced wound-care), exceptional access to clinical trials, pioneering R&D and Europe’s largest teaching hospital. The healthcare technology venture market is the second largest sector, behind information and telecommunications, attracting around 24% of all deals in Europe and 29% in the UK. This represents over £2.1bn of investment in European healthcare companies and £434m in the UK in 2007 and 2008. However, despite the buoyancy of the sector and the strengths of the region, many healthcare technology companies still face difficulty in raising private equity particularly in the early stage where they face the so called ‘equity gap’ . Typically this is the first round of venture capital investment of around £500K to £2m where investors regard propositions as particularly risky. To help companies in Yorkshire & Humber best position themselves to secure funding we are very pleased to announce a new programme, ‘Access to Finance for Healthcare Technologies’, which will assist these companies to become ‘investment iii ready’. We are delighted to be part of a consortium with a track record of success in this area, led by Grant Thornton and including Quotec and BITECIC, which will work closely with companies in the region to provide skills, business model reviews, FOREWORD mentoring and investor introductions to get them in the best possible shape to secure investment. The programme will run from January 2009 to April 2012 and is open to all SMEs in the healthcare technology market based in Yorkshire & Humber. This report has been prepared for the launch of the programme, with the needs of entrepreneurial companies in mind, to provide an overview of the level of investment activity in the healthcare technology sector over the last two years in Europe, the UK and Yorkshire & Humber. It details the types of deals that have been completed and who the most active investors have been and also provides a commentary on the current status of the investment market and likely future trends. I hope that you will find it informative. Glenn Stone Partner, Grant Thornton UK LLP The Healthcare Technology Venture Market Key Facts* £2.1bn of venture capital has been invested into European healthcare companies. 133,000 people are employed by healthcare technology companies in the UK. Over 300 venture capital investments have been made into UK healthcare companies. 71 first round investments have been made into UK healthcare companies.1 iv £1.4m is the average deal amount for a UK first round investment into the healthcare technology sector KEY FACTS 88 active companies spun-out from Yorkshire Universities (2nd place in the UK).2 17 is the number of active venture capital backed healthcare technology university spin-outs in Yorkshire. £383m is the total annual research income of the universities in Yorkshire & Humber. £76.2m is the value of contract research with Yorkshire Universities (3rd place in the UK).3 *as of Jan 2007 – Nov 2008 1 Executive summary This report provides an overview of the healthcare technology venture capital market. It analyses both historical and current investment data on the healthcare
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