EXPERT VIEW
JEREMY THOMAS-COOK CHIEF ECONOMIST WORLDFIRST
HOW DO EXCHANGE RATES AFFECT A BUSINESS ?
Currency risk can come in a variety of forms and impact businesses of all sizes , as evidenced by GlaxoSmithKline , the world ’ s sixth largest pharmaceutical company , who recently announced their Q1 performance results .
As a company headquartered in the UK and with group revenue reported in GBP , we can see that the pound gaining value against the dollar from Jan-March had a negative impact for GSK . Despite seeing sales volumes in the US grow by 7 %, GSK actually saw a 4 % decline in US sales revenue . For the three months to the end of March , overall revenue declined 2 % and the company has warned against the negative impact of currency movements for the remaining part of the year .
For example , over the last 90 days the currency pair could have achieved a high of 74p to the dollar or a low of 69p to the dollar . Whilst it is dependent on which currency you are buying , the rate may be in your favour . However , with such fluctuations in the markets it ’ s vital to have a currency strategy in place for your business .
How can businesses combat the effect of exchange rates ?
Transferring money can be simple – spot contracts are an efficient way of moving your funds from one currency to another . But , this may introduce an element of risk to your business as there ’ s effectively no way of predicting what the exchange rate will be on your future transfers . For some businesses , using hedging strategies or forward contracts can trim some of this risk . With a forward contract you can fix today ’ s rate for a specified date in the future and you will know exactly how much you ’ ll get when you ’ re ready to make the transfer .
WorldFirst is the exclusive international payments partner for Medilink . Medilink members will be assigned a dedicated account manager who will be able to discuss a range of strategies specific to each member ’ s currency requirements .
Please contact medilink @ worldfirst . com / 020 7018 3159
Please note - the views being expressed are those of the author and not necessarily Medilink .
RELIANCE PRECISION CE MARK NEW PRODUCT
Reliance Precision Ltd , a specialist engineering company providing bespoke product solutions to the life science industry , has successfully CE marked a Cell Culture Plate Manipulator .
Using the self-certification process , the CE marking Directives were reviewed to establish what applied to the instrument , based on design parameters such as electronics and safety operation . Their findings were then independently reviewed by a third party who provided advice on compliance .
Reliance then undertook the detailed task of reviewing the legislation line by line indicating compliance where applicable , and justifying areas that were not relevant . A thorough risk assessment was also conducted to prove the device was fundamentally safe to use , which highlighted a small number of areas to be changed to provide further assurance .
Dr Ruth Brown , Reliance ’ s Life Science Business Manager , comments : “ We are delighted to have our first CE marked instrument , demonstrating our continuing commitment to produce high quality products that are safe and robust .
Manufacturers ultimately have responsibility for the CE marking of their products , and whilst the process can be outsourced , we believe the time we have invested has helped us to understand our responsibilities and the in-house knowledge we have gained will prove beneficial on future applications .”
INHEALTHCARE
Inhealthcare and community healthcare organisation launch smartphone app to support patients
Medilink North of England member Leeds-based health technology firm , Inhealthcare , have launched a digital support platform in partnership with community healthcare organisation , City Health Care Partnership . The two companies worked together to produce a smartphone app , which will help patients manage their longterm health conditions . The digital support platform enables patients to regulate their symptoms , temperature and weight measurements from home , specifically helping people with chronic obstructive pulmonary disease ( COPD ). The smartphone app also allows patients to record medical information , such as their temperature and blood pressure , which is then sent to clinicians via a smartphone app . Healthcare professionals can access patients ’ information , asses their measurements and can promptly communicate any necessary action , if required . The telehealth platform successfully launched in March , with over 100 patients with heart failure of COPD using the smartphone app to manage their conditions . The CEO of Inhealthcare , Bryn Sage , said : “ Digital services offer much-needed support to the NHS by reducing the requirement for unnecessary visits to hospitals and GPs .”
MEDILINK NORTHERN DIGITAL HEALTH BUSINESS GROUP
Medilink North of England has officially launched its Northern Digital Health Business Group – a resource to enable better networking opportunities and leverage the collective expertise of the North ’ s digital health business community .
Medilink Northern Digital Health Business Group is a free resource to current members , which will help stimulate new profitable partnerships , share NHS market access intelligence and maximise collaborative funding opportunities .
Tom Wright , said : “ This has been created due to the demand from the ever-growing digital health sector for support in partnership development and market access and creates a
NEW DATE FOR SUCCESSFUL INNOVATION AND COMMERCIALISATION COURSE
Medilink North of England is set to deliver the next in its series of critically acclaimed Innovation and Commercialisation courses , to help attendees navigate the innovation pathway and assess opportunities from a technical and commercial perspective .
Delivered by the Head of Innovation and Commercialisation , Dr Patrick Trotter PhD , MBA ( Techmgmt ), the Medilink North of England course will provide a comprehensive , interactive journey of the best commercial practice – from identifying opportunities , to portfolio management and competitor analysis . The course , which is supported by Senior Innovation & Commercialisation Officer , Tom Wright BSc ( Hons ), MA , MMRS , is suitable for anyone interested in maximising profitability and reducing commercial risks .
The course will take place on 6th to 7th November 2018 , at HGF ’ S Central Leeds office , located on 1 City Walk , LS11 9DX .
Whether you are a CEO , R & D or marketing professional , an academic or employed by the NHS and interested in product development , the course will enable you to explore the link between the evidence required for regulatory purposes , clinical evaluation and market adoption . Attendees will also learn how to identify unmet needs , design and select concepts , and how to gain access to the NHS and other markets .
To book your place on an expert Innovation and Commercialisation course , contact connect @ medilink . co . uk or visit www . medilink . co . uk / innovation-course
focal point for businesses in the North of England looking for the latest news and opinion within digital health .”
New Medilink members will receive automatic membership to the Northern Digital Health Business Group , enhancing their connectivity by networking with industry professionals through exclusive events and a private LinkedIn group .
For more information , contact Tom Wright , on 07931289285 or email innovation @ medilink . co . uk .
6 7