More than a year on from the Brexit referendum, a UK medical supply company has taken a significant step towards safeguarding the future success of its business by signing a major deal with the largest Asian manufacturer of joint replacement products.
Hospital Innovations, a supplier of specialist products for use in orthopaedic, surgical and corrective procedures, will be working with Taiwan-based United Orthopedic Corporation (UOC) to source new products to enable them to meet the increasing demands of their core market.
Post-Brexit, the Talbot Green-based business realised that a potential over-reliance on US and European products could leave it vulnerable to currency fluctuations caused by the uncertain political situation.
Subsequently, Hospital Innovations looked at different options, identifying different routes to market and potential new suppliers that led to it signing this deal, making it the first British business to bring a high-tech Asian company directly into the marketplace.
Hospital Innovations’ managing director Phil Davies said: “As a relatively small company, with an excellent reputation in the medical sector, Hospital Innovations isn’t tied to any specific products or supplier, which means that we are ideally placed to source new products and be the first to bring them to market. This has already helped the company increase turnover to £8m this year, with 22 per cent compound growth since 2008.
“Brexit and the challenges that have arisen from having such uncertainty hanging over the economy have had a big impact on lots of businesses. I feel that if you can’t be proactive when faced with these tests, you don’t have the right to call yourself “innovative” and we will continue to strive to do whatever we can to make our offering for customers the best it can possibly be.”