Updated on 24 October 2016
Singapore: To provide further impetus to Australia's booming Medtech sector, the country's, non-profit organization Medtech and Pharma (MTP) Connect recently announced plans to inject $7.4 million into 14 medtech, biotech and pharmaceutical projects over the next two years. The funding will be matched by a further $32 million from industry partners under MTP Connect's project fund program.
It's an exciting time, these are truly national initiatives", MTP Connect CEO Ms Sue MacLeman told StartupSmart. "I love the accelerators and the digital health initiatives." MTP Connect received nearly 40 applications for funding and up to $90 million in support was offered by industry partners before the final 14 were selected.
All the 14 funded projects have a key focus on driving the development of medtech and pharmaceutical innovation through nationwide collaboration. Among the funded projects is the Bridge Program, which connects 14 companies, universities and industry associations to promote practical skills in commercialization through training in drug discovery and development with direct exposure to various industry practitioners.
Other projects include St Vincent's Hospital's BioFab3D ACMD in Melbourne, which will be Australia's first robotics and biomedical engineering centre built inside a hospital; The Centre for Entrepreneurial Research and Innovation, a national consortium for medtech and pharmaceutical research and training; and Queensland University of Technology's biofabrication research centre for advanced manufacturing technologies.
Ms MacLeman said, "We want those startups to build those skills to get the investment they need [and] reach out and tap into the global value chain. There is a vested interest now to see ideas brewing in research institutions and universities fully commercialised for high-impact and social benefit."