Commissioned by the Health Innovation Network, Defining the Size of the Health Innovation Prize, by Frontier Economics, places the economic value of reducing ill-health through innovation at an equivalent to 9.6% of the entire British economy.  

Health and social care secretary, Wes Streeting, said: ‘We often talk about the challenges associated with healthcare in this country, but this report shows there are lots of opportunities too if we harness the massive potential at our fingertips.'

The report finds healthcare innovation could boost the UK's growth by around £246bn and attract a further £32bn in foreign direct investment by improving population health, fostering investment, and strengthening the life sciences sector.

In addition, the study says health innovations could free up 233m hours of workforce time, worth around £8.55bn to the UK economy. 

The report says the Health Innovation Network can act as ‘the catalyst to release the prize', boosting both healthcare and the overall economy on an enormous scale. 

Richard Stubbs, chair of the Health Innovation Network, said: ‘This report sets out for the first time the size of the prize to gained from implementing health innovations at scale. At a time of economic challenges and uncertainty, investing in cost-effective, evidence-based health innovations can help stop the cycle of poor health and unemployment by breaking down the health-related barriers to work.   

‘By improving access to early intervention, personalised care, and timely support, we can help more people manage their conditions and enable them to return to work – improving their quality of life while also boosting the economy.'