What is the cost of compliance at HETT?

Written by Naq

Compliance is a critical factor in the development and adoption of new technologies within the NHS. It ensures that the technology used meets the robust standards set by the NHS to safeguard patient safety and data security. Without proper alignment to such crucial criteria, we put patients at risk. However, despite its importance, compliance has become one of the greatest barriers to the adoption of innovation, stopping 50% of technologies from reaching patients.

This means that of the 150 life-changing innovations on display at HETT- technologies that have successfully navigated the stringent NHS compliance landscape - an equal number did not succeed. A stark reminder of the challenges that innovators grapple with when attempting to bring their solutions to market.

For digital health innovators, compliance comes at a high price, both in terms of time and resources. To highlight the scale of today’s problem and opportunity, we’ve applied the costs of today to the 150 digital health innovators showcasing their work at HETT to give you an idea:

• £3M is spent on compliance each year. 
• 26,550 hours of product development time are diverted from actual innovation to meeting compliance requirements.
• 24,000 hours of an entrepreneur’s time are spent managing compliance instead of driving business growth.

These figures represent only a small percentage of the total problem. An even more concerning fact is that, despite the time, money, and effort invested in meeting NHS standards, around 20% of innovations still fail to meet basic security requirements, such as the NHS Data Security Protection Toolkit.

If we are to unlock the true potential technology offers the NHS, we need to change the way compliance is managed. Standards need to be streamlined by both the NHS and digital health innovators.

Recognising the need for change, Naq, an exhibitor at HETT, has developed a compliance platform designed to streamline most of the work required to comply with more than 20 of the world’s most in-demand frameworks.

By making compliance straightforward, predictable, and manageable, Naq enables innovators to save £20,000 and 160,000 hours per standard met annually.

They’ve already helped over 150 customers save thousands on their compliance efforts, allowing them to focus on innovation rather than paperwork.

To continue progressing towards the true potential of healthcare technology, the cost of compliance to innovators must be reduced - not only in financial terms, but also in the time that it takes away from them to focus on what they do best: creating groundbreaking solutions to improve the lives of patients and healthcare professionals.

If you are attending HETT, you can explore how Naq’s platform could transform your compliance posture by visiting stand J12. Within minutes, you will be able to compare your compliance costs with the UK innovation market and discover the savings that streamlining your compliance with Naq could offer your business.