A new $3 million Medtech Manufacturing Capability Program has been announced by the Victorian state government to expand local production and aid in fast-tracking manufacturers’ medtech ideas.
‘’This grant program will help our medtech manufacturers scale-up production and turn ideas into real-life solutions that support our health system and boost the economy,” minister for Industry Support and Recovery Martin Pakula said.
“We’re putting Victoria at the forefront of medtech manufacturing to deliver new opportunities to local businesses and create jobs.”
Eligible businesses can receive grants of between $100,000 and $500,000 under the program.
Successful applicants will also be given the opportunity to access local manufacturing services, infrastructure and partner with other Victorian businesses to undertake new projects.
The program is expected to create hundreds of skilled job opportunities and strengthen local capability in medtech manufacturing.
It is delivered by the Australian Medtech Manufacturing Centre, an initiative announced in the 2021/22 Victorian Budget to spearhead the state’s push to become a global leader in healthcare design and innovation.
“We are backing these exciting businesses to grow so they can change lives and save lives,” minister for Innovation, Medical Research and the Digital Economy Jaala Pulford said.
These grants also complement other state initiatives to drive growth in medtech manufacturing. Last month, the state government announced support for Lumos Diagnostics and Planet Innovation to locally produce rapid antigen tests (RATs) in Victoria.
Another medtech manufacturer, Compumedics, received support late last year to make its Somfit medical-grade wearable monitoring device in Abbotsford, after a decade of manufacturing most of its products overseas.
Medtech is one of the fastest growing sectors in Victoria’s economy, currently generating $21.4 billion in revenue and $3.5 billion in exports annually, and directly employs over 31,400 workers.
Applications for the Medtech Manufacturing Capability Program are open until 5pm on Tuesday 5 April. For more information, visit business.vic.gov.au/mmcp.