Pictured: MTPConnect CEO Dr Dan Grant and ANDHealth Managing Director Bronwyn Le Grice at the launch of its new report, Digital Health: Creating a New Growth Industry for Australia at Allens in Melbourne in December 2018.
A novel program to drive commercialisation skills in the burgeoning digital health sector has received new funding from the Medical Technologies and Pharmaceuticals Growth Centre, MTPConnect.
ANDHealth, Australia's digital health business accelerator, has been awarded $250,000 to deliver intensive Digital Health Market Success Bootcamps for up to 40 Australian digital health companies.
MTPConnect CEO Dr Dan Grant says ANDHealth's focus is on equipping digital health innovators with the skills needed to turn ideas into commercially successful products.
"Through ANDHealth's intensive, five-day focused curriculum, representatives from digital health companies will take a deep dive into clinical evidence, regulation, business models, intellectual property, partnering, attracting investment and exploring new international markets," he says.
"These are the real-world skills that underpin successful companies, allowing them to build the capital they need to continue innovating, market their products to the world and employ more Australians.
"Extending ANDHealth's program through our Project Fund Program recognises its significant successes and lays the ground work for it to continue."
ANDHealth has been operating for two years, helping cohort digital health companies prepare for investment and international market entry. Since October 2017, ANDHealth+ cohorts have raised over $14 million, undertaken 9 new market launches, generated $2.4 million in revenue, created 63 new jobs, commenced 10 clinical trials and studies, secured 115 new customers, and served 12,857 patients.
Earlier this month, ANDHealth+ alumni DoseMe, which developed a real-time precision dosing software system, was acquired by US-based Tabula Rasa HealthCare for up to US$30 million. Founder Robert McLeay is staying with the company as Chief Scientific Officer and will remain based in Brisbane.
ANDHealth Managing Director Bronwyn Le Grice says the funding will boost the business acumen of digital health companies.
“ANDHealth is the only organisation in Australia focused specifically on supporting digital health companies prepare for investment and international market entry. With this renewed support from MTPConnect, we will be able to expand our impact across a greater number of companies, from earlier in their evolution,” she says.
“The funding will allow us to leverage our existing skills and programs and the capabilities of our members, partners and global networks to continue building a vibrant, evidence-based digital health industry in Australia.”
ANDHealth’s Digital Health White Paper produced with support from MTPConnect, shows how Australia can create a fully-fledged digital health industry.
ANDHealth is supported by partners from industry and academia including RMIT University, Novartis Pharmaceuticals, Murdoch Children’s Research Institute, Planet Innovation, Curve Tomorrow, Allen’s Linklaters, Potential X, AusBiotech, HMP Executive and HealthXL