MTPConnect – the Australian Government’s Medical Technology, Biotechnology, and Pharmaceutical (MTP) Industry Growth Centre – and BioPacific Partners – an organisation helping global companies connect to Australian innovations – are jointly launching an exciting new initiative to assist Australian medical technology and pharmaceutical companies to better prepare and position themselves to engage successfully with multinational companies.
Taking place over the next 18 months, the SME Strategic Innovation Initiative will use BioPacific Partners’ experience, insights and connections with multinational corporations to boost engagement between Australian SMEs and potential multinational partners, accelerating deal flow within the global value chain.
Sue MacLeman, managing director and CEO of MTPConnect, said the new initiative will provide welcome guidance for SMEs looking to take the next step in their product development and commercialisation journey.
“We are delighted to be launching the SME Strategic Innovation Initiative with BioPacific Partners, a well-connected company trusted by both multinationals and local innovators. This initiative delivers on MTPConnect’s Sector Competitiveness Plan goal to help SMEs navigate the complexity of going global. This initiative will not only coach SMEs through the process, but provide the wider sector with insights and direction garnered along the way.”
Margot Bethell, co-founder and executive director of BioPacific Partners, said that the new initiative was a wonderful opportunity to use BioPacific’s insights to further promote the Australian life-science industry.
“We often give what, we hope, is useful feedback to SMEs and research groups after they have met with our MNC clients. However, this initiative will allow us to provide useful insights before those meetings, thereby significantly increasing the chances of further engagement,” she said.
BioPacific Partners will identify and select up to 10 companies who will benefit from better understanding how to do business with multinational companies and improving their global positioning BioPacific Partners will tailor its assistance to the individual SMEs needs. According to them, this could include:
· Competitive analysis, identification of key points of difference and how best to convey them.
· Identification of gaps in data, and determine the steps required to fill them.
· Identification of information and data the company can and should share non-confidentially, and encourage the company to share the level of detail that multinationals expect to see.
· An understanding of how research can be best targeted to the current needs of medtech or pharma multinationals and global trends.
· A review of the company’s pitch deck to ensure they are pitching data and detail in line with what multinationals expect.