NSW kicks off medical devices fund

The NSW government has launched a seven-figure fund to encourage the development and commercialisation of innovative medical devices in the state.

The Medical Devices Fund will have $8 million available in its first year, and $5 million per annum thereafter.

The fund was implemented on the advice of the NSW Health and Medical Research Strategic Review, which recommended that the government provide support for the discovery of new medicines, diagnostics techniques and devices that will contribute to future health reform.

The goal of the fund is to provide support for the medical devices industry and research facilities to take innovations to market, and to increase uptake of NSW-born medical devices in the healthcare system.

An expert group chaired by the NSW chief scientist and engineer, Professor Mary O'Kane, has been set up to recommend grant allocations from the fund.

Also on the board are Cochlear CFO Neville Mitchell, veteran scientist Dr Bob Frater, Michael Still, head of Investec Bank Australia's infrastructure business, and ABC presenter and science aficionado Adam Spencer.

Future appointments will be made by the NSW health minister. Candidates will be limited to a maximum of two three-year terms.