The chief executive of Convatec has warned that the FTSE 100 medical equipment maker’s investment in the UK would be at risk if regulators do not approve a new wound care product stemming from its recent £45 million acquisition of an Oxfordshire tech platform.
Convatec acquired the anti-infective nitric oxide technology platform of 30 Technology in April last year for up to £176 million to bolster its wound care portfolio. It is looking to launch the first of the products, for foot ulcers of diabetic patients, including in the UK, and to secure NHS coverage of the product.
Karim Bitar, Convatec’s chief executive, said that if the UK wanted to attract life sciences companies to create an innovation environment then they needed to be rewarded with reimbursement “otherwise it does limit the willingness of companies to invest”.
Bitar, 59, said Convatec did not yet know what level of reimbursement it would secure in the UK for the new wound dressing product.
He said: “That’s really important to us because we very much would like to go ahead and continue doing research and development in the UK, very much like to continue investing in manufacturing in the UK.”
Date: 6 August