ANDHealth, an industry-led organisation focused on strengthening the Australia digital health ecosystem and de-risking innovations in digital health, is now accepting applications for the ANDHealth+ 2018 Program designed for mid-stage digital health companies looking to strengthen their clinical and commercial business case in advance of raising venture capital and/or entering international markets.
Digital health is a rapidly growing sector worldwide, and encompasses a broad range of technologies including mobile health, health information technology, connected and wearable devices, telehealth and telemedicine, wellness, big data, data analytics and personalised medicine.
ANDHealth Co-Founder and Managing Director Bronwyn Le Grice said, “Digital Health is one of the largest and fastest growing sectors of investment with over US$11.5 billion invested globally across 794 deals in 2017. In Australia, we have seen companies struggling to build the clinical and commercial evidence base to support the raising of sufficient growth capital to enable successful market penetration and international expansion.”
The report is inclusive of all publicly available seed, venture, corporate venture, and private equity funding ANDHealth works across the diverse stakeholder groups which comprise Australia’s digital health industry. Locally the industry has strong capabilities in technology development, clinical trials and a world-class healthcare system. However, companies looking to deliver new technologies to market are confronted by poorly understood commercialisation pathways, and complex regulatory, commissioning and reimbursement models, which create a challenge for innovators seeking to successfully monetise their digital health products.
“There are a number of early stage accelerators across Australia, which provide support for the early ideas and concepts behind innovative new companies in the healthcare sector,” said Ms Le Grice. “ANDHealth is different in that it provides a tailored support and advisory package for companies and technologies which have demonstrated product and market feasibility, but have gaps in their clinical and/or commercial business cases which limit their ability to scale. As a not for profit, ANDHealth is uniquely positioned to provide companies with a tailored support package without impacting the company’s equity or intellectual property position.”
Successful applicants to ANDHealth+ 2018 will be supported by an advisory board comprised of leading industry experts with a proven track record in digital health product development and commercialisation. In addition, companies receive up to $60,000 of specialist third party services and activities to address their specific clinical and commercial validation challenge, and up to $150,000 of in-kind support from ANDHealth’s members and partner network, to enhance their ability to penetrate global markets and/or raise significant growth capital.
ANDHealth is industry-led and supported by Australian Industry Growth Centre, MTPConnect. Members of the initiative include Novartis Pharmaceuticals, Planet Innovation, Curve Tomorrow, GP2U Telehealth, RMIT University, the Murdoch Children’s Research Institute, HealthXL, and AusBiotech.
Applications close 31st May 2018 and details about ANDHealth+ can be found online.