UK faces £5.4 billion MedTech trade deficit in 2023

UK faces £5.4 billion MedTech trade deficit
Credit: digitalhealth

London (Parliament Politics Magazine) – Britain had a trade deficit in MedTech products of £5.4 billion in 2023, government statistics have shown.

How significant was Britain’s MedTech trade deficit in 2023?

‘Life Sciences Competitive Indicators 2024’, issued by the Department of Health and Social Care, indicates that the value of imports surpassed the value of exports by £5.4 billion. The worth of UK exports of MedTech commodities in 2023 was £10.1 bn, an expansion of £0.5 bn (5%) since 2022. In 2023, the UK classified eleventh for exports amongst comparator nations, with an export value of £10.1 bn.

Which countries lead in global MedTech exports?

The US, China and Germany have always been the top three comparator governments since 2013, with the weight of the US’s MedTech exports in 2023 (£68.0 bn) being better than six times that of the UK for the same year.

How have UK MedTech imports fluctuated since 2013?

After a period of transition between 2013 and 2019, the value of MedTech exports has stayed stable for the UK, except for a slight decline in 2022. The weight of UK imports of medical technology products in 2023 was £15.5 bn, putting the UK sixth amongst comparator countries.

UK medical technology imports rose gradually between 2013 and 2019, after which the value of imports grew substantially to £20.7 bn in 2020, an expansion of 62% compared to 2019.

Since then, imports have declined each year up to 2023, with the most significant of these drops occurring between 2020 and 2021.

What strategies does the ABHI propose to boost UK MedTech exports?

In reaction to the figures, Jonathan Evans, director of communication at the Association of British HealthTech (ABHI), said: “To further bridge this trade gap and capitalise on the strength of the HealthTech industry in the UK, it is crucial to expand the opportunities available to UK firms”.

ABHI’s current manifesto ‘The Plan for HealthTech’, issued in May 2024, calls for the installation of a ‘HealthTech export campaign’ as a component of a long-term, well-resourced export strategy.

“This initiative would concentrate on the most receptive and accessible countries, led by in-market specific HealthTech champs. “By strategically improving our export efforts, we can drive growth, support innovation, and ultimately bolster the UK’s position in the global HealthTech market,” Evans said.

How does Health Secretary Wes Streeting envision the future of UK MedTech?

Talking at the Tony Blair Institute for Global Change’s ‘Future of Britain’ conference on 9 July 2024, Health Secretary Wes Streeting promised to make Britain a “powerhouse” for MedTech.

“If we can marry our health and social care system with the great life sciences and MedTech ecosystem we have in this country, we can be a powerhouse for the life sciences and MedTech process here in this country and in the world,” Streeting expressed.

What is the UK’s current position in MRI and scanner availability?

Life sciences competitive indicators 2024 also indicate that the UK continues to have the lowest number of MRI units, and CT and PET scanners per million people amongst comparator nations. Reacting to the figures, a government spokesman said: “The NHS will operate hand-in-hand with life sciences research institutions and medical technology firms, driving the development of new treatments and helping to grow the industries”.

Massimiliano  Verde

Massimiliano Verde is a journalist at Parliament News, He is covering Society and Culture News. Boasting a Master's Degree in Political Science, stands as a prominent figure in the Italian cultural landscape. His presidency of the Neapolitan Academy, a scientifically and sociolinguistically renowned group, attests to his relentless dedication to safeguarding and promoting Neapolitan language and culture. His activism and profound expertise have propelled him into the role of interlocutor for UNESCO as part of the International Decade of Indigenous Languages (2022-2032), a prestigious acknowledgment highlighting the significance of his efforts in preserving the linguistic and cultural diversity of our planet.

Verde's fervent passion for the history and culture of Southern Italy has driven him to immerse himself in research, resulting in numerous essays and articles that delve into the peculiarities and beauties of the region. His commitment extends beyond academia, manifesting in ongoing dissemination activities aimed at acquainting the general public with the rich cultural heritage of the South. His endeavors transcend national boundaries, as evidenced by his participation in international conferences and collaboration with various foreign institutions, rendering him an ambassador of Southern culture on the global stage and fostering intercultural dialogue and mutual understanding.