New initiative to propel MTP SMEs
MTPConnect and BioPacific Partners have launched a new initiative to help Australian medical technology and pharmaceutical companies better prepare and position themselves to engage successfully with multinational companies.
Rolling out over the next 18 months, the SME Strategic Innovation Initiative will use BioPacific Partners’ experience, insights and connections with multinational corporations to boost engagement between Australian SMEs and potential multinational partners, with the aim to accelerate deal flow within the global value chain. BioPacific Partners will select up to 10 companies who will benefit from better understanding how to do business with multinational companies and improving their global positioning, offering tailored assistance including:
- competitive analysis, with identification of key points of difference and how best to convey them;
- identification of gaps in data and the steps required to fill them;
- identification of information and data the company can and should share non-confidentially;
- an understanding of how research can be best targeted to the current needs of medtech or pharma multinationals and global trends;
- a review of the company’s pitch deck to ensure they are pitching data and detail in line with what multinationals expect.
The initiative leverages the mission statements of both organisations, with the not-for-profit MTPConnect formed by the Australian Government in 2015 in order to help the medical technology, pharmaceutical and biotechnology (MTP) sector seize more commercialisation opportunities and accelerate its rate of growth. BioPacific Partners, meanwhile, is dedicated to helping global companies connect to Australian innovations.
“We often give what we hope is useful feedback to SMEs and research groups after they have met with our MNC clients,” said Margot Bethell, co-founder and executive director of BioPacific Partners. “However, this initiative will allow us to provide useful insights before those meetings, thereby significantly increasing the chances of further engagement.”
“We are delighted to be launching the SME Strategic Innovation Initiative with BioPacific Partners, a well-connected company trusted by both multinationals and local innovators,” added Sue MacLeman, MD and CEO of MTPConnect. “This initiative delivers on MTPConnect’s Sector Competitiveness Plan goal to help SMEs navigate the complexity of going global. This initiative will not only coach SMEs through the process, but provide the wider sector with insights and direction garnered along the way.”
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