A financial boost for the MTP sector

MTPConnect, the MedTech and Pharma Growth Centre, has announced $7.4 million in funding over two years for 14 national projects in the medtech, biotech and pharmaceutical (MTP) sector. In addition, the projects could leverage as much as $32 million in industry partner funds.

The selected programs will receive funding from MTPConnect’s Project Fund Program, which aims to invest in big, bold ideas to boost the innovation, productivity and competitiveness of Australia’s MTP sector. MTPConnect received 38 applications from industry, research organisations and universities to share in the funding available.

The 14 successful applicants include leading universities, research organisations, small to medium enterprises (SMEs), global pharmaceutical companies and venture capitalists, each of whom is required to match dollar for dollar the funding provided through MTPConnect plus any other government funding secured. Examples of the successful projects include:

• A comprehensive global investment program to fund Australian life science sector companies and researchers.
• A telehealth strategy to increase patient access to cancer clinical trials closer to home, while ensuring the proper conduct of these trials.
• A training program that provides early-stage entrepreneurs and scientists with practical skills in drug discovery, development and commercialisation and fosters collaboration between researchers, early-stage SMEs, venture capitalists and global pharmaceutical companies.
• A system to foster the development of Australia’s emerging digital health sector by integrating software and design companies within medical research institutes and hospitals, leading to products that have been developed and tested within a clinical environment.

Minister for Industry, Innovation and Science Greg Hunt said these activities will have national impact and sector-wide benefits, turning knowledge into new products and processes to benefit all Australians. They will also address barriers to industry growth, boost skills and capability within the sector, drive collaboration and knowledge transfer between researchers and businesses, and improve access to key infrastructure.

“The MTP sector has a fantastic opportunity for growth, but is currently hindered by constraints including a lack of collaboration between business and research, skills shortages, the need for more focused funding and investment, and the need for more streamlined and harmonised regulatory and market access frameworks,” said MTPConnect CEO Sue MacLeman.

“The selection panel has chosen these 14 projects because they creatively address many of these barriers and have the potential to have a major impact on the sector.”

The full list of recipients can be found on the MTPConnect website.