Applications open for funding to support development of Australian medical devices
17 December 2021
In a move set to advance Australia’s medical technology sector, MTPConnect has today announced that it is welcoming applications for its new Clinical Translation and Commercialisation - Medtech (CTCM) program.
Supported by the Medical Research Future Fund, the $19.75 million CTCM program is targeting Australian small to medium-sized enterprises (SMEs) and aims to boost commercialisation of home-grown medical devices.
MTPConnect Managing Director and CEO, Dr Dan Grant, says the CTCM program will be rolled out over the next four years, with the first of two funding rounds opening today.
“We’re looking to provide funding of $250,000 to $1.5 million to eligible projects, delivered over a maximum 24-month period. Applicants are required to provide a co-contribution to the value of 50 percent of the CTCM funding request, with additional in-kind or cash contributions above this threshold viewed favourably,” Dr Grant said.
“The program is focused on SMEs and to be considered for funding, projects must focus on the development of a medical device for human use, the purpose of which is to diagnose, prevent, monitor, treat or alleviate a disease or injury, or modify or monitor anatomy or physiological functions of the body.
“Funding will only be awarded to projects where the device’s capability has already been validated with research and/or preclinical studies.
“Funded activities will include, but are not limited to, prototype development and product testing, clinical trial activity and regulatory support.
“The selection panel will be looking for applications that demonstrate how the nominated device will improve the health and wellbeing of Australians and how CTCM funding will accelerate its production and commercialisation in Australia within a 24-month period.”
Dr Grant said the CTCM program offers an exciting opportunity for SMEs in the medtech sector.
“Our program is leveraging a national alliance of pre-eminent partners to ensure rapid and enduring impact and we are thrilled to be working with the Medical Technology Association of Australia, the Medical Device Partnering Program, Cicada Innovations, the BridgeTech Program and Therapeutic Innovation Australia.
“So, in addition to financial assistance, our partners will provide successful applicants with valuable educational support, consultation and access to critical engineering, fabrication and prototyping facilities to help accelerate translation of their medical device.”
Dr Grant explained that a distinguishing feature of the CTCM program is its emphasis on keeping projects local.
“The CTCM program seeks to position Australia’s health and medical research sector at the forefront of the innovation economy which is helping to underpin Australia’s post-pandemic future,” he said.
“For this reason, successful applicants will need to demonstrate alignment with the Modern Manufacturing Strategy; they’ll also need to demonstrate the potential impact of their project on the medical technologies sector in Australia in terms of economic and workforce development.”
EOI submissions for the first round of CTCM funding will close on Friday 11 March 2022 at 4:00pm AEDT. For further details on eligibility and application requirements, visit our website.
An Information Session webinar will be held on Wednesday 2 February 2022 at 1:00pm AEDT and registrations are now open.