Australia’s leading digital health commercialisation organisation ANDHealth has secured $19.75 million in funding from the federal government under the Medical Research Future Fund (MRFF) Early Stage Translation and Commercialisation Support program and announced a new partnership with the TGA.
The organisation was one of four recipients of grants designed to accelerate the translation of Australian research.
It said the funding will support the expansion of its digital health commercialisation program, ANDHealth+, supporting up to 25 high-growth-potential small to medium enterprises. These enterprises will be selected via a competitive process and will receive up to $1 million of investment from the ANDHealth Digital Health Accelerator Fund, alongside a dedicated ANDHealth support team, access to a c-suite industry advisory panel and specialised services from pre-vetted suppliers.
The program will also be supported by ANDHealth’s industry members, including the Murdoch Childrens’ Research Institute, RMIT University, Novartis Pharmaceuticals, Planet Innovation, Roche Australia, Potential(x), Curve Tomorrow, HPM Executive and HealthXL.
According to ANDHealth CEO, Bronwyn Le Grice, “This funding represents a significant milestone in the development of Australia’s digital health industry with the establishment of the first dedicated fund providing significant capital investment, alongside a proven program of global expertise and support, for Australia’s most promising digital health companies.
"Currently, the median amount of capital raised by Australian digital health companies is approximately $250,000. This program will be transformational in providing investment of up to $1m per company, alongside substantial support and expertise to accelerate the scale up of these life-changing technologies.”
The types of technologies that will be supported under the program include technologies that use computing platforms, connectivity, software and sensors, either alone or in combination with physical products, to treat, diagnose, cure, mitigate and/or prevent disease or other conditions.
Ms Le Grice added, “Over the last four years ANDHealth has become a critical advocate and dedicated support for the growth of Australia’s digital health industry. We are grateful for the leadership of the Minister for Health, Greg Hunt, in supporting this program, which recognises the value of digital health, both to the economy and to the health outcomes of Australians.
"We thank the Federal Government for their support to continue the delivery of our high impact, globally unique program, which is an outstanding testament to the work we have done and continue to do.”
ANDHealth also announced a partnership with the TGA to support Australia’s digital health companies navigate the regulatory environment for ‘software as a medical device' (SAMD).
ANDHealth will deliver a series of interactive webinars, live Q&A and feedback sessions, alongside customised one-to-one coaching on SAMD considerations, through ANDHealth’s Office Hours program.
“A sound understanding of the regulatory environment will support our digital health innovators and entrepreneurs build an internationally competitive digital health sector, including the distinctions between evidence-based digital health products and digital therapeutics and general consumer wellness products,” said Ms Le Grice.