Health industry has UK's highest business survival rate
Businesses in the UK healthcare sector have the highest survival rate according to newly released data by the Office of National Statistics.
The ONS’s business demography report reveals the birth, death and survival rates of companies across 15 different industries including retail, property, construction and more.
The report shows that 55% of businesses in the healthcare sector survive after five years, the highest figure of all the sectors included in the report. The average number of British businesses which survive after five years is 43%.
62% of healthcare businesses survive more than four years, which is 12% higher than the national average for this length of time. Furthermore, 71% of healthcare businesses survive more than three years, 11% higher than average.
Annette D'Abreo, Managing Director of Ceuta Healthcare, said: “Healthcare continues to be buoyant for several reasons. Of course we have an ageing population but also one that is better informed and wants to understand more about its health.
“There is a drive towards self-care, for people to take more responsibility for their health and take advice from healthcare professionals such as pharmacists. Manufacturers consistently seek to provide education to help with recommendation and advice.
“The industry will continue to grow if we keep our focus on people’s needs moving forward. What are their ailments, what will improve their quality of life, what products and services do they need and how do they want to access them? An industry that works together to provide integrated healthcare solutions with clear communication is essential for the health of our nation.”
The worst sector for five-year survival rates was the accommodation and food services industry, in which only 34% continue past this milestone.
Ceuta Healthcare is the leading outsourcing partner in health and personal care, with a focus on our people and our customers. They deliver the most effective, innovative and creative service solutions, enabling the brands they represent to fulfill their true potential.
- Thomas P.