$10m in funding awarded to 11 projects to boost health innovation

MTPConnect – the Australian government’s Medical Technology, Biotechnology, and Pharmaceutical (MTP) Industry Growth Centre – and the Minister for Health, Greg Hunt, have announced the first 11 recipients of $10 million investment from the government’s $35 million BioMedTech Horizons program.

The successful 11 projects in the first round include a fully synthetic 3D printed spinal cage, a genome profiling platform to enable precision cancer medicine, a wireless Brain-Machine Interface suitable for treating neurological disorders, and microwearables for precision medicine.

The BioMedTech Horizons program aims to help innovative medical companies move their ideas and discoveries towards proof-of-concept and commercialisation, and stimulate collaboration across disciplines and between the research, industry and technology sectors to maximise entrepreneurship and idea potential.

Reviewed by an experienced selection panel comprising of scientific, clinical and commercial experts, the outstanding projects were chosen as they address identified global trends, including precision healthcare and the digital evolution, as well as forecasted areas of unmet clinical need, such as immunology, advanced prosthetics and infectious diseases including sepsis.

Sue MacLeman, managing director and CEO of MTPConnect, said that the delivery of the BioMedTech Horizons program is providing the necessary support to boost investment, commercialisation and success of health innovations in Australia.

“Australia is an internationally recognised hub of health innovation, but it has been acknowledged that more work needs to be done in providing support at the pre-clinical and clinical stages of development, to assist in attracting private capital during early stages.

“MTPConnect is dedicated to working with the sector to ensure growth in collaboration between research and industry, to drive greater commercialisation. The BioMedTech Horizons program is set to address barriers of funding to support viable, new health biological and medical technologies to reach proof-of-concept, clinical trials and beyond, in line with our vision to advance the vibrant sector,”MacLeman said.

MTPConnect was formed as a not-for-profit organisation in November 2015 as part of the Australian Government’s Industry Growth Centres Initiative to accelerate the rate of growth of the MTP sector to achieve greater commercialisation and establish Australia as an Asia-Pacific hub for MTP companies.