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What is Medical Devices Fund?
The Medical Devices Fund is a competitive technology development and commercialisation program. It aims to provide support to individuals, companies, public and private hospitals, medical research institutes, universities and the medical devices industry, to take local innovation to market.
The Medical Devices Fund seeks to increase the uptake of NSW medical devices by the health system where they are cost effective and contribute to improved patient outcomes.
Since the first round in 2013, recipients of the NSW Medical Devices Fund have been awarded more than $55 million for 35 technologies. The fund invests in the development and commercialisation of medical devices and related technologies in NSW, with some past recipients later gaining high-profile investors.
The key objective of the Medical Devices Fund is to promote new and innovative medical devices/technologies within NSW that may have a global benefit.
Broadly, the Medical Devices Fund aims to:
- provide support to individuals, companies, public and private hospitals, medical research institutes, universities, other public sector research organisations, and the medical devices industry, to take local innovation to market; and
- increase the uptake of NSW medical devices by the health system where they are cost effective and contribute to improved patient outcomes.
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Medical Devices Fund Application
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The Medical Devices Fund is an $8.2 million per annum, competitive technology development and commercialisation program funded by the NSW Government, through the NSW Ministry of Health. In the 2021-22 financial year the Medical Devices Fund has over $8 million available.
The following principles apply to the Medical Devices Fund:
- The project must be capable of potentially:
- improving patient care and/or health wellbeing
- generating, economic, social and/or environmental benefits to NSW.
- Funding will be open, competitive and merit-based, while maintaining commercial-in-confidence requirements.
- Funding can be used for purposes including
- proof-of-concept, prototyping and piloting studies
- manufacturing samples for product trials
- conducting market and product assessments
- engaging a consultant to locate other national and international trials and research relevant to the product under development
- and conducting clinical assessments
- The fund will support a cross-section of products across a range of applications throughout the medical device product life-cycle (technical device concept demonstrated to marketing).
- The fund will not support activities which are deemed to be research.
- The Medical Devices Fund Expert Panel will have sufficient flexibility to tailor funding support according to what it believes is required to assist the development and commercialisation of a medical device.
To be considered for the Medical Devices Fund, the project:
- must satisfy the definition of a medical device
- must seek to progress a medical device along the commercialisation pathway
- must be innovative (i.e. new to market, or new to world)
- should have the potential to assist health delivery in NSW
- must have been developed in NSW and derive health, economic, social and/or environmental benefit to NSW.
The Medical Devices Fund can be accessed by eligible NSW organisations with innovative medical devices/technologies supported by intellectual
property. Eligible organisations include public and private hospitals, medical research institutes, universities, start-ups and established SMEs.
An applicant must be:
- A financially viable company or commercial enterprise with the parent company based in NSW (e.g. location of manufacturing jobs, headquarters based in NSW, NSW investment,) and be able to provide evidence that the proposal connects and benefits NSW; have an Australian Business Number (ABN); typically with an annual turnover of less than $25 million; and is a legal entity; or
- An individual based in NSW who agrees to form such an entity so that NSW Government can enter into legally binding funding agreements; or
- A NSW public research organisation applying through its appropriate technology transfer office, or the CEO or equivalent of the research
Applications close 1 March 2021.