CircMed Project: Circular Economy Models for Medical Equipment
Axion Consulting and multinational corporation Philips have started a six-month research project, called ‘CircMed’, to investigate the potential for refurbishment and remanufacturing business models to benefit UK hospitals, in particular by being applied to medical imaging and ultrasound equipment.
The project, co-funded by Innovate UK, will explore how circular economy business models could work to provide significant economic advantages to the UK healthcare sector. The study is expected to look at a wide range of medical equipment including MRI scanners, CT scanners, interventional X-ray equipment and more.
Many of these pieces of equipment contain significant amounts of raw materials, where finiteness and price volatility threaten to be problems in the 21st century, including Gallium, Beryllium, Niobium and Helium.
Axion Consulting Senior Consultant Nichola Mundy said:
“Many other countries, such as Germany, have already benefited from a shift away from the traditional value chain. We will be examining fresh ideas and alternative business models – similar to car leasing concepts – including the provision of fully-managed equipment services, pay-per-use and incentivised return and reuse.”