07 July 2020
In a new report released this month by ANDHealth entitled Digital Health: The sleeping giant of Australia’s health technology industry, it highlights that Australia’s emerging digital health industry is in a strong position to tap into growing global demand for digital health solutions.
ANDHealth surveyed 317 companies and found how aligned the digital health sector is to being able to access global market opportunities.
ANDHealth Managing Director, CEO and Founder Bronwyn Le Grice said this report will be a blueprint of Australia’s emerging digital health sector.
“Australia’s decades-long policy of supporting innovation, our significant investment into digital health capabilities and infrastructure, and now our highly successful management of the COVID-19 pandemic has given us an unprecedented opportunity to build a world-leading digital health industry,” Ms Le Grice explained.
“ANDHealth’s data shows that our local sector has a pipeline of world-class innovation and technology. However, digital health companies face some unique challenges as they move along the path towards commercialisation, not least of which is that as a sector it struggles for recognition and appropriately focused funding structures here at home.
“To fully realise the potential of this nascent sector, we need to provide support. This sleeping giant, if awakened, will achieve the triple aim of economic growth through high-value STEM-based job creation, increased advanced manufacturing and clinical trials activity, and sovereign health system capability and resilience.”
- 37% of companies developing technologies aimed for home use (remote patient monitoring)
- 25% focused on diabetes and other chronic diseases
- 17% focused on mental health
- 13% focused on clinical decision support
- 10% focused on diagnosis and screening
In 2017, MTPConnect funded ANDHealth initially as part of its Industry Growth Centre Project Fund Program that helped to establish the ANDHealth+ program. Through two rounds of the program, ANDHealth provided 6-9 months of bespoke advisory support and coaching from proven mentors, alongside access to funds for specific third-party advice, to progress the technology towards investment. Companies that were selected for ANDHealth+ received over $250K of services and support throughout the life of the program.
Listen to Bronwyn Le Grice chat to the MTPConnect podcast team about digital health in Australia and the impact of the report.
Download the report here.