24 March 2021
In a boost for Australia’s medical technology innovators, $3.2M of funding is now available to support the research and development of medical devices as they enter human clinical trials and early stage manufacturing.
The funding, announced today by the Minister for Health & Aged Care The Hon. Greg Hunt MP, is being made available through the fourth round of the $45 million BioMedTech Horizons (BMTH) program, an initiative of the Medical Research Future Fund, operated by MTPConnect.
Managing Director & CEO, Dr Dan Grant, says this will be the final funding round for BMTH and it will provide a unique opportunity for Australian small to medium size enterprises (SMEs) to accelerate the development of their cutting-edge medical technologies through to early stage manufacturing in Australia.
“The BMTH program supports new medical technologies to reach proof-of-concept, or beyond, so they are attractive for private capital investment and commercialisation,” Dr Grant said.
“In Round 4, $3.2 million will be deployed into four projects that can be completed within 12-months, see the device move beyond a Technology Readiness Level Scale Level (TRL) of 5 and involve manufacturing in Australia.
“Australian-based SMEs are eligible, but they must control or have the legal right to access and use the patent(s), trademarks or other intellectual property necessary to undertake the proposed activities and matched funding is required.
“The projects we back for this fourth and final round of the BMTH program will see the production of medical device prototypes in Australia, leveraging our domestic manufacturing capabilities and supporting the commercialisation of life saving medical products,” Dr Grant said.
Expressions of interest for funding under Round 4 of the BMTH program close on Monday 19 April 2021 at 5:00pm AEST and details on how to apply can be found at the MTPConnect website.
The BMTH program has awarded funding to 41 projects since the program was launched in 2018.