Medtech startups and scaleups are finding their pathway to market faster, thanks to a Victorian Government initiative that is accelerating innovative products into the healthcare industry.
The latest grant recipients of the Medtech Market Growth Program have been announced, with each receiving $50,000 in funding to access the skills, services and resources they need to take their life-saving products to market.
The matched funding assists medtech startups in developing their go-to-market value proposition, helping to bridge the gap between the development of products and getting them into hospitals and healthcare services.
One of the 20 funding recipients is Tournicare, a Melbourne startup that has created a home blood pressure monitor to replace the century-old arm-wrap design. The innovative arm cuff has the potential to change the lives of thousands of Australians suffering from hypertension, the biggest modifiable risk factor for cardiovascular disease.
Another funding recipient Livac has created an innovative medical device for laparoscopic liver surgery, using suction to create a vacuum to retract the liver. The vacuum minimises the invasiveness of the procedure, reducing trauma to the liver and the patient.
The Medtech Market Growth Program is a collaboration between the Australian Medtech Manufacturing Centre (AMMC) and startup agency LaunchVic to increase the pipeline of export-ready medtech startups in Victoria and create jobs in the state's growing medtech sector, which is home to some 660 companies employing more than 20,000 workers.
