$2.4 million funding for Victorian medtech manufacturers Leave a comment
The Victorian state government is funding local medtech manufacturers and innovators to help them to compete in the booming global market and create local high-skilled jobs in the industry.
Minister for industry support and recovery Ben Carroll has announced that $2.4 million from the Labor government’s Australian Medtech Manufacturing Centre and Biotechnology Fund will go towards establishing the Victorian Connected Health Innovation and Commercialisation Centre in Melbourne’s CBD.
“This new centre will strengthen Victoria’s nation-leading advanced manufacturing capabilities and our status as a growing hub for medtech production,” Caroll said.
“We’ll continue to support local medtech manufacturers to create thousands of high-skilled jobs across our state.”
Delivered by ANDHealth, the new centre will support up to 500 local companies each year, connecting them with healthcare professionals, innovators and investors who can help them fast-track the development of new digital health products, such as local inventions like the Atmo Gas Capsule and PKG Watch.
ANDHealth CEO and managing director Bronwyn Le Grice said the funding was a significant government investment to the first physical presence of Victoria’s world-class life sciences and medical technology capabilities.
Developed by Box Hill-based Atmo Biosciences, the ingestible Atmo Gas Capsule detects gases from known locations in the human gut and wirelessly transmits data to help medical professionals better diagnose functional gastrointestinal disorders.
The PKG Watch was created by Melbourne-based Global Kinetics to help people with Parkinson’s disease keep on top of their treatment by recording and monitoring their symptoms and reminding them to take the right amount of medication.
Jaala Pulford, minister for innovation, medical research and the digital economy stated, “Our medical researchers and innovators are leaders in their field, regularly bringing world-first medtech products and devices to market that will change the lives of Victorians and people around the world.”
The announcement follows the state government’s recent $3.2 million investment into 12 Victorian medtech businesses through the Medtech Manufacturing Capability Program which will create more than 90 new jobs across the state.
Medtech is one of Victoria’s fastest-growing industries in Victoria, generating over $21.4 billion in revenue and supporting more than 31,000 workers.
The sector’s growth is complemented by over 6,000 people working at Victoria’s 18 medical research institutes who generate the scientific breakthroughs that inform product development.
