$7.4 million invested in medtech and pharma innovations
26 October 2017
Twenty industry-led projects set to boost the innovation, productivity and competitiveness of Australia’s medical technology and pharmaceutical (MTP) sector will receive a $7.4 million injection of funds from the Australian Government.
Assistant Minister for Industry, Innovation and Science Craig Laundy today announced the 2017 recipients of the MTPConnect Project Fund program, who will dollar match the government grants.
Mr Laundy said the projects would help secure the Australian sector’s place on the world stage.
“The global medical technology and pharmaceutical sector is expected to be worth almost $3 trillion by 2025. Locally, the sector is expected to add $18 billion and 28,000 new jobs to our economy over the next eight years,” Mr Laundy said.
“The Australian Government is supporting Australian businesses to take advantage of this growth and get a foothold in domestic and international markets.
"Through MTPConnect, our growth centre established under the $238 million Industry Growth Centres Initiative, we’ve given the sector a $7.4 million shot in the arm. This investment could leverage as much as $15.2 in industry partner funds for the 20 successful projects.”
The successful applicants include consortia of leading universities, research organisations, local small to medium enterprises (SMEs), MTP companies and venture capitalists.
The projects will address barriers to industry growth, boost skills and capability within the sector, drive collaboration and knowledge transfer between researchers and businesses and improve access to key infrastructure.
Project examples include:
- The 3D Printing Facility for Translational Science and Medicine in the MTP sector,led by the University of Wollongong: $400,000 to allow SMEs to conduct research toadvance the development of commercial opportunities in patient-specific 3D bio-printing.
- The Garvan Institute of Medical Research: $400,000 to help Australian SMEs to use the Institute’s molecular profiling platform to develop clinical trials, which will help increase Australia clinical trial capacity.
- Queensland University of Technology: $300,000 to adapt its successful 2016 Project Fund Program project The Bridge Program, which is boosting the commercial output of Australian pharmaceutical research through commercialisation training for entrepreneurs and scientists.The new Bridge Tech project will focus on medical technology and will include training, conferences and internships.
“These innovative projects will advance Australia’s medtech sector, which is crucial to the nation’s economy and the health and well-being of all Australians,” Mr Laundy said.
For further information and the full list of funded projects, visit www.mtpconnect.org.au/2017projects
Media contact: Minister Laundy's office 02 6277 4345