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Department of Industry and Science Australian Go : Turnbull Government delivers $7.4 million boost to med tech and pharma sector

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10/24/2016 | 01:52am CEST

24 October 2016

The Turnbull Government will give the medical technology and pharmaceutical sectors a shot in the arm, investing $7.4 million over two years in dollar-matched, industry-led projects to boost competitiveness and productivity.

We're investing in innovative projects that will develop and increase commercialisation of new medical therapies, devices and digital health systems. These projects could also leverage as much as $32 million of industry partner funds.

This investment is through MTPConnect, established under the Australian Government's Industry Growth Centres Initiative.

Fourteen groups will work on projects to address barriers to industry growth.

The successful applicants include leading universities, research organisations, local small to medium enterprises (SMEs), global pharmaceutical companies and venture capitalists.

These projects will also boost skills and capability within the sector, drive collaboration and knowledge transfer between researchers and businesses, and improve access to key infrastructure.

Examples of the 14 funded projects include:

  • A comprehensive global investment program to fund Australian life science sector companies and researchers.
  • A tele-health strategy to increase patient access to cancer clinical trials closer to home, whilst ensuring the proper conduct of these trials.
  • A training program that provides early stage entrepreneurs and scientists with practical skills in drug discovery, development and commercialisation and foster collaboration between researchers, early stage SMEs, venture capitalists and global pharmaceutical companies.
  • A system to foster the development of Australia's emerging digital health sector by integrating software and design companies within medical research institutes and hospitals, leading to products that have been developed and tested within a clinical environment.

These activities will have national impact and sector-wide benefits, and will help to capitalise on Australia's world-class medical research sector by turning knowledge into new products and processes to benefit all Australians.

The successful groups are required to match dollar-for-dollar at a minimum the funding provided through MTPConnect plus any other government funding secured.

For further information and the full list of funded projects, visit www.mtpconnect.org.au

Media contact: Mr Hunt's office 02 6277 7070

Department of Industry and Science - Australian Government published this content on 24 October 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 October 2016 23:52:04 UTC.

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