Health Minister Anne Milton said: "This is good news for NHS patients who will get better services at their local hospital as a result of the work the NHS is doing abroad and the extra investment that will generate.
"This is also good news for the economy, which will benefit from the extra jobs and revenue created by our highly successful life sciences industries as they trade more across the globe.
"The NHS has a world-class reputation, and this exciting development will make the most of that to deliver real benefits for both patients and taxpayers."
But the move was criticised in some quarters.
Katherine Murphy, chief executive of the Patients Association, said: "The guiding principle of the NHS must be to ensure that outcomes and care for patients comes before profits.
"At a time of huge upheaval in the health service, when waiting times are rising and trusts are being asked to make £20 billion of efficiency savings, this is another concerning distraction. The priority of the Government, hospital trusts and clinicians should be NHS patients."
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