Raoul Ruparel

Innovation for Impact: Unlocking the Potential of the UK’s Healthcare Ecosystem Harnessing the UK’s healthcare innovation potential could add billions to GDP and improve patient outcomes. What actions are needed to deliver this?

At a time when we urgently need growth drivers & fiscal savings, this is relatively low hanging fruit. We don't need to be forefront of innovation, we simply need to follow proven approaches to scaling existing innovations. Read the full report here /ENDS www.bcg.com/publications...

Solving these isn't impossible. In fact, we detail a series of case studies where other developed economies have found solutions to just these sorts of problems. See for example this on US & Singapore's innovation pathways 5/

So, what is stopping us doing this now? The barriers won't surprise you, they are common ones we hear about across the NHS & public sector more widely. Together though these have created a system which actively discourages scaling innovation 4/

The problem then isn't necessarily developing innovations themselves but scaling & adopting them. To better understand the specific benefits we looked at 4 high impact conditions & the benefits from scaling existing approaches already used elsewhere 3/

We know the UK has great universities & research institutes but we struggle to translate this into improved patient & commercial outcomes. From 2015-23, Denmark saw 13% growth in its biopharma sector while US’s healthtech & medtech sectors grew 7%. Across these UK grew 5% 2/

Innovation for Impact: Unlocking the Potential of the UK’s Healthcare Ecosystem Harnessing the UK’s healthcare innovation potential could add billions to GDP and improve patient outcomes. What actions are needed to deliver this?

🚨New research🚨 out today from us at BCG Centre for Growth – looking at how the UK can unlock further value from healthcare innovation. As it stands, we leave significant value (£78bn) on the table, growing behind Italy & Spain in some health subsectors 1/ www.bcg.com/publications...

Yes very much agree, I was sharing your frustration of the parochialism! For me that convo should start from big picture what we need & then a detailed analysis of what supply chains across Europe (incl UK) need to deliver it. I fear current convo on funding pots & legal architecture is too narrow

Let's start by thinking about what Europe needs then how best it can be implemented. The early signs on this are not great. Both sides seem to be stuck in their same old positions. German approach gives some hope. But I fear both EU & UK are some way from common market Martin hopes for (3/3)

This issue is ultimately too big & too important for either side to get caught up in their usual navel gazing. It requires a fresh, strategic discussion. Yes EU law will underpin much of it, but it shouldn't be the starting point. Form should follow function. (2/3)

Ironically during the original negotiations it was the EU (especially France and Macron) that wanted to keep defence more separate. He regularly told us - we can have a great relationship on defence etc but on Brexit & trade it will be painful. As Martin says, it's not that simple...(1/3)

This is an interesting (& somewhat crazy chart) from the OECD Global Dept Report out today. Huge amounts of additional borrowing from corporates not shifting the dial on investment. www.oecd.org/en/publicati...

Agreed with Jill on this. One budget would make sense, just look at the swings in UK borrowing costs we've seen this year. I can though understand the case for two budgets. What I really can't see the case for is one budget with two separate forecasts per year. Always a terrible idea.

In this work we have (for 1st time?!) estimated share of UK announced infrastructure projects that never go ahead - 37%!! Based on data from 2010-15, 16% of announced projects get scrapped while a further 21% get stuck in planning/preconstruction stage for over a decade.

This is a superb report and thread. If we want a playbook for how to do this, it is in our own history. From 1947 to 1979 the British state successfully coordinated a gargantuan programme of infrastructure development (water, gas, electricity) and housebuilding.

Ultimately, if we want to invest more in a sustained way & meet shorter term targets on growth/energy transition we need to build capacity. Just letting chips fall where they may is unlikely to lead to optimal outcomes. Read full report below. 9/ ENDS www.bcg.com/united-kingd...

Thankfully, there are steps that can be taken to smooth demand & strengthen supply chains. Needs action from public & private sector. Part of this is a strategic sense of priorities, but also doing some of basic better in the industry. 8/

Third, projects will face new forms of complexity (be that technical, regulatory, political or economic). We expect next 5 years to see more large projects. Which are inherently more complex due to all the moving parts & long supply chains. 7/

Second, there is a mix of chronic & acute skills shortages. e.g. number of welders employed has declined by 40% in 20 years. While we estimate the grid upgrade will require 3x-4x the number of high voltage line workers currently in the UK. 6/

For some this will sound familiar. In the past demand hasn't materialised & supply has managed to respond to some extent. But there are 3 reasons why we think this time is different. First, we haven't seen an uplift of this size across so many sectors since post war period 5/

Why won't market alone solve this? There are a mix of market failures & inefficiencies, as well as the fact that some of these markets are heavily regulated. Price signals do not reflect consumer or national demand/need. 4/

This will lead to significant overlaps in terms of demand for skills & resources, both in timing & location. We've mapped the demand below. Again a big opportunity for many areas to see more investment, but they need to be set up to deliver 3/

Key question is whether supply chains can deliver – right now they can’t. Our supply chains have degraded due to years of underinvestment & feast/famine approach. Some sectors (renewables, water, airports) could see huge uplifts 2/

🚨New research🚨 out today from us at BCG Centre for Growth – based on current project pipeline next 5 years could see £700-£900bn invested across 8 key sectors. This is 2.1x-2.7x level in past 5 years. Huge opportunity for the UK. But... 1/ www.bcg.com/united-kingd...

Its also turned out to be one of the best run projects. Cost and time overruns well below the norm. Impact on bills lower than expected. Financing approach with government contingent guarantees also a very interesting model to consider (got more on all this in our paper coming up next week).

More broadly, there is some excellent work coming out from various thinkers & organisations on the 'pro-growth' side. I just wish there was bit more emphasis/focus on how we can actually deliver things on the ground. Also on the role the private sector can play in taking action (2/2)

Easier Said Than Done: How the Chancellor Can Deliver on UK Infrastructure and Growth Ambitions The first job of Chancellor Rachel Reeves’ speech on 29 January was to demonstrate that this government is serious about growth and set a positive way forward for the UK economy. On this, she clearly ...

Finally made the move over from the other place! Starting off with a recent piece I wrote about what the Chancellor needs to do to deliver on growth ambitions. A big part is, focus on delivery & implementation (often the hardest things in govt) (1/2) www.linkedin.com/pulse/easier...

Thanks Giles much appreciated!

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