NSW's leading medical research innovators have been celebrated at an event to mark the 10th anniversary of the NSW Health Commercialisation Training Program (CTP) in Sydney last night.
The CTP supports researchers, scientists, clinicians and entrepreneurs to turn their cutting edge work and ideas into optimal health outcomes for patients in NSW and all over the world.
The program fast tracks their novel medical devices, diagnostic or therapeutic products and digital health solutions into market.
Minister for Medical Research David Harris delivered the keynote address at the event hosted by delivery partner Cicada Innovations.
Minister Harris acknowledged the valuable contributions of participants in the 2024 program and highlighted the remarkable innovation and success achieved in the past decade.
Graduates from previous years also shared the impact the program has had on advancing their careers in medical research.
Launched in 2014, the program has assisted 350 medical entrepreneurs to develop the business skills to successfully commercialise their products. More than 3,400 participants have been trained in intellectual property protection, regulatory affairs and clinical trials through the program.
CTP graduates have made a considerable impact on the health and life sciences sector by raising more than $134 million in public and private funding through venture capital, establishing more than 40 companies, and generating many new jobs.
The CTP has also been an important catalyst for collaboration, building partnerships that have produced a number of clinical trial breakthroughs, including a microneedle patch for DNA-based melanoma diagnostics, a medical device for tracking and treating ADHD, and a non-invasive continuous glucose monitoring device to manage diabetes.
Minister for Medical Research David Harris said:
"This year's showcase was extra special as we celebrated the 10th anniversary of this fantastic initiative. I was pleased to honour the 2024 participants, as well as recognise the alumni who have achieved great success thanks to this program.
"The Commercialisation Training Program ensures the NSW Government can continue supporting clinical research to enable safe, evidence-based development of cutting-edge treatments from bench to bedside.
"The program's success shows the difference we make when we accelerate the commercialisation of medical technologies in NSW healthcare, to ensure innovative life-saving treatments come to market.
"By bringing clinicians and researchers together with experts in key areas including industry, funding and regulation, this program helps us to harness and grow the incredible wealth of knowledge and expertise in our state."
Maryam Parviz, MSc, PhD, Co-founder and Chief Executive Officer, SDIP Innovations Pty Ltd said:
"The CTP program marked a pivotal shift in my career, transitioning from academia to entrepreneurship. Over the past five years, I've served as the full-time CEO and co-founder of SDIP Innovations, a medical device manufacturing startup that was born through the support of the CTP and the Office for Health and Medical Research in NSW Health.
"I highly recommend the CTP to all scientists and clinicians because it focuses on healthcare devices and applications, catering specifically to founders and inventors in these fields.
"By joining the CTP's specialised community, we accessed training and networks that seamlessly supported us through the commercialisation journey.
"The program's most valuable aspect is the community-a knowledgeable and generous network of founders, NSW Health policymakers, Cicada Innovations, investors, mentors, and consultants with proven track records."
Dr Nicholas Hunt, Senior Lecturer, School of Medical Sciences, University of Sydney said:
"The program facilitated key connections to the Australian venture capital ecosystem and led to continual engagement. Exposure to a broader team of advisors outside of the university ecosystem, allowed for greater stakeholder input into our product and commercial development."
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