Pictured: MTPConnect CEO Dr Dan Grant and Minister for Industry, Science and Technology the Hon. Karen Andrews MP at the Growth Centre Showcase at Parliament House in Canberra.
In a boost for Australia’s medical technologies and pharmaceuticals sector, the Federal Government has provided an additional two years of funding for the sector’s Growth Centre, MTPConnect.
The new funding of $5 million per year for two years through to 2021 from the Industry Growth Centres initiative was announced today by Industry, Science and Technology Minister, Hon Karen Andrews MP at the Growth Centre Showcase at Parliament House in Canberra.
MTPConnect CEO Dr Dan Grant has welcomed the new funding.
"In the nearly three years since our establishment, MTPConnect has been helping to accelerate the growth of the medtech and pharma sector by forging stronger connections between research and industry and maximising opportunities for the translation and commercialisation of our discoveries," Dr Grants says.
“This renewed funding from the Federal Government is welcome recognition of MTPConnect’s successes. It allows us to continue making an important contribution to the sector’s growth.”
Through the Department of Industry, Innovation and Science's Project Fund Program, MTPConnect has invested $15.6 million across 37 collaborative projects, engaging over 160 consortium members and leveraging $22 million of matched cash funding from industry and a further $3.7 million in in-kind support.
MTPConnect also administers the BioMedTech Horizons program for the Department of Health which supported 11 projects in 2018 and attracted $13.3 million in contributions from industry.
"Across our two program streams, MTPConnect is supporting 48 projects across Australia. They involve 41 universities and health institutes and 142 partners from industry," he says.
"The projects we support cover areas ranging from 3D anatomical printing and precision medicine to clinical trials, advanced manufacturing and industry mentoring and they are delivering impressive, real-world results.
"Our projects have seen 79 new technologies invented or progressed, 37 new patents/trademark applications and licenses, 11 new start-up companies, 45 direct jobs being created and more than $6 million of investment flowing into incubator companies."
Dr Grant says with continued growth, the MTP sector has the potential to create an additional 28,000 jobs and add an extra $18B of cumulative GVA to the economy by 2025.
"MTPConnect is working to help the sector exceed these projections and with new funding under our belt we can continue connecting research and industry, deploying funding, developing skills, creating international market opportunities, informing policy and promoting regulatory reform."