NSW Health’s Medical Devices Fund (the Fund) has opened its latest round, with $8 million available to support local innovation on its journey to market. The Fund invests in the development and commercialisation of new and innovative medical devices and related technologies in NSW, that may have a global benefit.
Products must be capable of potentially improving patient care and/or health and wellbeing, and generating economic, social and/or environmental benefits to NSW.
Funding will be in the range of $500,000 to $5 million, depending on the product’s stage of development, over a period of one to three years. It will support a cross-section of products across a range of applications throughout the product’s life-cycle (from technical device concept demonstrated, to marketing).
The Fund defines medical devices as including technologies that have a patient application which will impact the health system, that are not considered to be drugs. These include technologies such as ‘omics’ technologies, apps, virtual technologies, remote diagnostics and nanotechnologies. It will provide support to companies, individuals, public and private hospitals, medical research institutes, universities and the medical devices industry.
Since the first round in 2013, recipients of the NSW Medical Devices Fund have been awarded more than $55 million for 35 technologies. Some past recipients have later gained high-profile investors.
Applications for the Fund are called for annually, and there is a two stage application process. Applications will be reviewed by the Medical Devices Fund Expert Panel, chaired by Professor Hugh Durrant-Whyte, NSW Chief Scientist and Engineer.
Applications for this round close at 5.00 pm, Monday 3 February 2020. For more information and to apply, click here.