09 December 2021
MTPConnect has commenced the rollout of a new funding program to identify and nurture high-quality medical device projects with strong commercial potential.
The Clinical Translation and Commercialisation - Medtech (CTCM) program is a $19.75 million initiative funded by the Australian Government’s Medical Research Future Fund.
MTPConnect Managing Director and CEO, Dr Dan Grant, says the new funding program will offer financial assistance, educational support and infrastructure access to Australian small to medium-sized enterprises (SMEs).
“The CTCM program is a major boost for Australia’s medical device innovators – it’s all about supporting the commercialisation of home-grown medical devices by empowering SMEs to transform their ideas into life-changing devices,” Dr Grant said.
“By identifying new medical devices that have the potential to improve the health and wellbeing of Australians, and subsequently supporting their translation, the program will help ‘de-risk’ projects, making them attractive to private investment for the final steps towards commercialisation.
“I am delighted to announce we have selected five preeminent industry partners as an integral part of the CTCM program – the Medical Technology Association of Australia, the Medical Device Partnering Program, Cicada Innovations, the BridgeTech Program and Therapeutic Innovation Australia.
“Working with our partners, the CTCM program will deliver consultation and commercialisation support, SME education and access to critical engineering, fabrication and prototyping facilities which are so critical for moving projects through the clinical stage of product development.
“In addition to funding support, the CTCM program has been specifically designed to leverage the expertise of our partners to help SMEs turn their early clinical innovations into medical devices that can improve the health of Australians, while also generating commercial returns and helping create high-paying jobs."
The first funding round of the CTCM program will be opening on Friday 17 December 2021, with funding from $250,000 to $1.5 million available to eligible projects over a maximum 24 months.
“MTAA is excited to be partnering in this important program with regard to early-stage commercialisation in Australia,” said Ian Burgess, MTAA Chief Executive Officer.
MDPP Director Professor Karen Reynolds said: “MDPP has a 13-year track record of supporting medical device ventures across the innovation life cycle, from ideation to product development to commercialisation. We’re delighted to now join MTPConnect and other partners to deliver the new CTCM program, leveraging our capabilities and extensive networks to assist Australian SMEs achieve key clinical milestones and accelerate the adoption and commercialisation of new devices.”
Sally-Ann Williams, Chief Executive Officer of Cicada Innovations said: “We’re delighted to be supporting MTPConnect on this program. Australia has a long history in medical device breakthrough - from CPAP and Cochlear to 3D customised titanium implants, non-invasive blood glucose monitoring systems, continuous long-wearing night and day contact lenses, melanoma detection devices, and so much more. We’re also excited to be supporting the next generation of innovators on their journey to bring new products to market supporting better patient outcomes.”
Distinguished Professor Lyn Griffiths of Queensland University of Technology said: “The BridgeTech Program is excited to partner with MTPConnect through the CTCM program, and we’re looking forward to working with the other project partners to further the commercialisation training skills in the medtech industry. Our program participants will take part in a suite of activities such as events, residential training, and online learning to develop a comprehensive understanding of the medtech commercialisation pathway, and this partnership symbolises strong endorsement in the future of Australian researchers and innovators.”
TIA Chief Executive Officer Dr Stuart Newman said: “TIA is thrilled to be a part of the CTCM program, and we are looking forward to bringing the collective capabilities of the TIA consortium and the broader NCRIS network to bear on assisting Australian companies on their translational product development journey.”
Further information about the CTCM Program - including guidelines, details about eligibility and how to apply - is available on our website.