Since we launched our commercial strategy 12 months ago, we’re seeing more ideas and opportunities for income generation being discussed and put into practice. Real seeds of change are emerging across our organisation, in terms of a wider understanding about how commercial income can benefit different teams and services.
This progress is really positive for patients and staff, in particular thinking about the associated advances in healthcare that are underway and the investment in key growth areas, such as how we use data to improve care and the expansion of our pharmacy production unit.
Achievements over the past year have included signing a number of partnerships with global healthcare companies who have specific expertise in oncology, diagnostics, research and improved patient outcomes. These partnerships will enable better use of high-quality data, support our research ambitions, facilitate further service improvement, and medical and diagnostic innovation.
We’re also developing the skills of NHS staff and supporting professional development through providing a range of core and specialist training courses for over 1000 healthcare professionals, via our Newcastle Hospitals Skills Academy.
Meanwhile, our international work experience programmes are helping to widen access to the latest techniques and clinical expertise at Newcastle, with a new commercial model bringing partners to us from across the globe.
Through investing over £3 million to upgrade capacity at our pharmacy production unit, we’re now able to increase manufacturing capability for a range of specialist drugs and treatments. This development will also create opportunities for more clinical trials of new therapies and treatments, which have the potential to change the lives of patients.
Our work on the Newcastle MSI+ assay, which is the first product of the trust’s to be UKCA-marked, means its now ready to take to market in the UK. The test, designed by a team of scientists from our hospitals and Newcastle University, is allowing improved and faster testing and treatment for bowel cancer.
The North East Innovation Lab and Novopath – our specialist commercial labs which support the evaluation and validation of diagnostics, and provide access to pathology and clinical samples – have worked on over 20 projects to develop new tests, treatments and drugs, supporting clients from across the globe.
Our commercial team’s skills, expertise and impact continues to grow, with a clear focus on creating more income through working with colleagues across a range of departments and teams.
But there is more to do in these challenging financial times. Identifying and delivering commercial opportunities is imperative to our wider success – at its simplest, thinking about opportunities to generate income from current or new areas of work helps build freedom and money to invest in services, technology and facilities.
Equally, through the ongoing development of partnerships and collaboration with different industries and sectors, universities and other healthcare organisations, we can continue to grow and expand an exciting range of commercial opportunities.
If you’d like to get in touch with a question or suggestion, please drop us a message at [email protected].
