According to Bloomberg, Australia ranks twentieth in the world’s most innovative countries. If you work with a MedTech Solution, BioTech and Pharma, this may not sound great. However, there is one key benefit – the Australian government is hungry for innovation, and they’re willing to put their money where their mouth is.
We saw it in the latest federal budget, with a $206.4 million ‘patent box’ scheme to create tax incentives for R&D in this space. But this isn’t the only opportunity! There are a number of national and state-based grants to help fund ground-breaking a MedTech solution. If you’re looking into grants for your health product or software, I’ve verified seven possibilities to get you started.
Medical Research Future Fund (National)
Total amount: $20B
Maximum funding: varied
The federal government’s flagship Medical Research Future Fund (MRFF) is a long-term investment package dedicated to medical research and innovation that will ‘improve lives, build the economy and contribute to health system sustainability.’
There are a number of individual grants under the program, you can view the calendar of opportunities and their deadlines here.
Manufacturing Voucher Program (WA)
Total amount: $400,000
Maximum funding: $50,000 – $100,000
The Manufacturing Voucher Program is a joint venture between WA’s McGowan government and the federal-funded MTPConnect (Medical Technologies and Pharmaceuticals Growth Centre).
It aims to support the development and manufacturing of medical technology and create more MedTech jobs in Western Australia. Specifically, it seeks to fund new medical devices, diagnostics, biologics and pharmaceuticals.
You can learn more here.
Future Industries Fund (VIC)
Total amount: $200M
Maximum funding: $500,000
The Victorian Government’s Future Industries Fund is ‘focused on securing Victoria’s economic prosperity’ through investment in areas of world leading capability, such as MedTech and Pharma.
Around $180 million in grants has already been awarded to businesses like dorsaVi, who produce medical grade wearable sensors to monitor patients, workers and athletes – reducing workplace and sporting injuries.
Learn more about the Future Industries Fund here.
Biomedical Translation Fund (National)
Total amount: $501.25M
Maximum funding: Varied
The Australian Government’s Biomedical Translation Fund (BTF) exists to ‘improve the wellbeing of Australians through targeted investment in prevention, diagnosis and treatment.’
It’s an equity co-investment venture capital program, which means approximately half of the available capital comes from the private sector – Brandon Capital, BioScience Managers Translation Fund and OneVentures Healthcare Fund.
Rex Bionics were awarded $12.2 million under the fund, to progress a hands-free robotic device that helps severely disabled people to rehabilitate. And SummatiX were awarded $12.03 for unique data aggregation services that benefit makers of ‘smart’ medical devices.
Read more about the fund and its projects here.
Medical Devices Fund (NSW)
Total amount: $8M per year (ongoing)
Maximum funding: $500,000 – $5 million.
The Berejiklian government’s Medical Devices Fund aims to get more NSW-based innovation into the market, and improve patient outcomes in Australia.
The fund is specifically focused on MedTech solutions and has so far awarded more than $60 million for 37 technologies.
One example is Baymatob™, founded by mechatronic engineer Dr Sarah McDonald. Her own traumatic birth experience motivated her to create Oli™, a non-invasive device to monitor pregnancy and labour progression. The device is a game changer within the obstetrics monitoring market.
Applications for 2021 are now closed, but you can watch this space for the 2022 application announcements.
Platform Technologies Program (QLD)
Total amount: $10M
Maximum funding: $1M+
The Advance Queensland Platform Technology Program (PTP) aims to ‘spur innovation-led economic growth’ by investing in six priority sectors, of which ‘biofutures’ and ‘biomedical and life sciences’ are two (others include mining, manufacturing and defence).
There is a strong focus on economic growth, with eligibility criteria stating that ‘projects must deliver the development or deployment of an innovative, unique or new platform technology product, process or service with the potential to achieve high growth and create jobs in Queensland.’
View the full application guidelines here.
As you can see, there’s an abundance of support available for MedTech pioneers in Australia. And remember, you may be eligible for the Australian government’s R&D tax incentive, which could help alleviate costs associated with your MedTech, BioTech or Pharmaceuticals research and development.
Good luck with your funding and remember to call me when you’re ready to reach more investors – my company BE Digital is a Sydney-based marketing agency specialising MedTech Solution marketing. Talk to me about how we can help your company find and convert all possible revenue streams and grow your business.
