Saturday, April 20, 2024

$3.2m fund to boost Victoria’s medical tech sector

The Victorian Government says it’s helping boost local production of medical technology products and creating more than 90 high-skilled jobs with the announcement of $3.2 million in funding through the Medtech Manufacturing Capability Program.

Minister for Innovation, Medical Research and the Digital Economy Jaala Pulford said 12 businesses will receive grants of up to $500,000 to undertake new projects, scale up production, and upgrade equipment, allowing them to turn innovative ideas into real-life healthcare solutions.

“From the lab to the patient we are supporting scientists, innovators and founders so that patients here and around the world can benefit from these exciting home-grown discoveries,” said Minister Pulford.

The Minister said the co-funded projects are worth more than $7 million collectively and are expected to create more than 90 new jobs across the state.

Among the grant recipients is surgical technology producer Anatomics, which is developing several new medical devices including DuraShield – an ultra-thin implant that provides data on brain pressure, temperature, oxygen and electrical activity after neurosurgery in trauma and stroke patients.

The funding will enable Anatomics to increase production, creating 10 jobs and helping it reach new international markets including the United States – a key export destination for Victorian medtech and pharmaceutical products.

Another recipient is Melbourne startup Navi Medical Technologies which will now be able to increase production of its world-first Neonav medical device, creating up to 10 new jobs and unlocking further investment.

The device records and analyses electrical signals from a newborn’s heart, providing real-time information to guide the accurate placement of catheters that deliver vital medications and nutrients, helping critically ill babies get access to lifesaving care.

The grants are being delivered through the Australian Medtech Manufacturing Centre – a Government initiative that helps medtech manufacturers expand production and connect with local suppliers.

Medtech is one of the fastest growing sectors in Victoria’s economy, currently generating $21.4 billion in revenue and supporting more than 31,000 workers.

“These grants will ensure local medtech manufacturers increase production, boost local capability, create jobs and strengthen our reputation as a global leader in this field,” said Minister for Industry Support and Recovery, Ben Carroll.

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