Digital health commercialisation outfit ANDHealth has been given $2.4 million from the Victorian state government to establish a new health innovation and commercialisation hub.
Funded through the state’s $20 million Australian MedTech Manufacturing Centre (AMMC) and Biotechnology Fund, the hub will support up to 500 local companies every year. The businesses will be connected with healthcare professionals, innovators, and investors.
This includes “international expert in-residence program, targeted commercialisation workshops and access to collaborative and industry-led programs from across Australia”, according to ANDHealth.
The Victorian Connected Health Innovation and Commercialisation Centre (CHICC) aims to foster the creation and commercialisation of digital and digitally enabled medical technology companies.
The announcement follows the allocation of $3.2 million of funding through the state’s MedTech Manufacturing Capability Program on Sunday. Grants between $100,000 to $500,000 were awarded to 12 businesses, leveraging $3.8 million in co-funding.
Victorian Minister for Innovation, Medical Research, and the Digital Economy Jaala Pulford said the state’s medical researchers and innovators are “regularly bringing world-first MedTech products and devices to market that will change the lives of Victorians and people around the world”.
The Minister for Industry Support and recovery Ben Carroll said the new hub would cement the state’s status as a “growing hub for MedTech production”.
ANDHealth chief executive and managing director Bronwyn Le Grice said the investment was a significant commitment by the Victorian government in ensuring the health sector is digitally connected.
“The CHICC will support the increase of medical technology manufacturing, create highly skilled jobs and ultimately deliver technologies that will result in better health outcomes for all Australians,” Ms Le Grice said.
“Cutting edge medical technologies are increasingly leveraging the power of software to deliver improved patient outcomes. In many cases, medical technologies are powered by software which is instrumental in, or solely responsible for, the clinical benefit to patients.
“Software also makes these technologies more accessible and affordable for healthcare consumers and our healthcare system. The CHICC will act as a central resource to support accelerated commercialisation of these types of technologies in Victoria.”
ANDHealth was founded in 2017 as a provider of accelerator, incubator, and commercialisation programs for digital health tech companies. They have worked with more than 400 companies across Australia since being founded.
The state’s MedTech sector pulls in $21.4 billion in revenue annually including $3.5 billion in exports, employing 6,000 people across 18 medical research institutes. This supports more than 31,000 jobs across institutes, universities, and industry.
There are three strategic priorities guiding the AMMC: increasing the amount of local health procurement, ensuring Victorian MedTech manufacturers have competitive capability, and “strengthening collaboration, connectivity and insights on demand and supply opportunities across government, industry, health systems and business”.