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What is the Medical Manufacturing Fund?
The Medical Manufacturing Fund is a $1.5 billion fund to expand medical manufacturing facilities.
Track Record
Bulletpoint assisted PolyNovo secure $500,000 to build a new medical manufacturing plant.
PolyNovo plans to use the funding to support the purchase of new equipment and the upgrading of existing equipment used for manufacturing our NovoSorb SynPath product, used for amongst other things diabetic foot ulcers (DFU).
Other Case Studies
Bulletpoint has assisted numerous companies secure manufacturing grants.
Bulletpoint helped Greenbear secure a grant of $500,000. Based in Tottenham, Victoria, Greenbear is a processor of waste and recycled materials. They received funding to build a fully-automated waste sorting line for residential Construction and Demolition (C&D) waste more feasibly and efficiently than current disposal methods.
Bulletpoint assisted Harry & Larry’s secure a grant of $1,200,000. Based in Brunswick, Harry & Larry’s manufacture a range of specialty ice creams. The grant will see 30 new jobs created and investment in a factory expansion with custom engineered production lines, including the latest freezing technology, to make a range of gourmet ice creams and desserts in complex shapes and layers.
Bulletpoint assisted Cottage Cheese Farm secure a grant of $765,000. Based in Glenroy, Victoria, Cottage Cheese Farm is a speciality cheese manufacturer making mainly Haloumi, Ricotta and Mozzarella cheeses. They received funding to assist with construction of a $6M purpose built cheese and yoghurt manufacturing facility. The project will allow them to expand current operations and introduction of new product lines.
Bulletpoint assisted Abey Australia secure a grant of $250,000. Based in Gisborne, Victoria, Abey is a manufacturer of plumbing and building products. They received a grant of $250,000 to buy five high-speed of five robots and 3 conveyors.
Bulletpoint assisted Osteon Medical secure a grant of $74,000. Based in Mulgrave, Victoria, Osteon Medical manufacture a range of dental and facial implant prosthetic products. They received a grant to purchase a 5 axis simultaneous CNC milling machine.
Bulletpoint assisted Keech secure a grant of $141,700. Based in Bendigo, Victoria, Keech is a manufacturer of high integrity steel castings. They received a grant to based in Bendigo. Keech received a grant to purchase a 3D digital printer for prototyping and pattern making.
Bulletpoint assisted AMR Hewitts secure a grant of $135,000, Based in Tullamarine, Victoria, AMR Hewitts is a print packaging for the pharmaceutical and food packaging industries. They received a grant to purchase a new forme cutting machine to reduce turnaround times.
Bulletpoint assisted Class Plastics secure a grant of $250,000. Based in Truganina, Victoria, Class Plastics is a manufacturer of industrial and retail plastic liquid containers. They received a grant to purchase a series of accumulated blow moulding machines and feed in conveyors.
Background
The Medical Manufacturing Fund will be drawn from the $15 billion National Reconstruction Fund. It will be set up with a mandate to fund projects to return jobs and investment to Australian industries. The funds aim to turn science into jobs and ensure Australians have access to medicines and vaccines when they need them.
Objective
The main objective of the Medical Manufacturing Fund is to turn science into jobs and ensure Australians have access to medicines and vaccines when they need them.
Need Assistance?
Call 1300 658 508
Funding
The Medical Manufacturing Fund may provide a grant of up to $1.5 billion. The exact details of the program are yet to be announced but this is what BulletPoint expects it to look like.
The Medical Manufacturing Fund will provide eligible applicants with funding for projects that are at the prototype stage and/or the scale up stage of the product development cycle.
Grants of between $100,000 and $500,000 (excluding GST) will be available. Medtech Manufacturing Capability Program grants will be provided on a 1:1 cash co-contribution basis.
Eligible Projects
A Medical Manufacturing Fund project proposed for grant funding must be to develop a manufactured medtech product or for the development of value chain inputs for a manufactured medtech product where the product:
- is or will be for the duration of the project wholly or partially manufactured
and - is a medical device, the purpose of which is to diagnose, prevent, monitor, treat or alleviate a disease or injury, or modify or monitor anatomy or physiological functions of the body, or are intended to be used in a healthcare environment including medical equipment, scientific instrumentation and consumables or medical disposables or
- an enabling medtech product or device using assistive, additive manufacturing or 3D printing technologies
and - is relatively advanced in development
- has been verified with research and development or other pre-clinical studies.
The Medical Manufacturing Fund eligible project expenditure must:
- be incurred by the grant recipient within 12 months of execution of the grant agreement
- be a direct cost of the project and
- be exclusive of the Goods and Services Tax (GST).
Eligible Applicants
To be eligible to apply for the Medical Manufacturing Fund, the business must:
- be developing an eligible medtech product at the time of application
- have existing operations
- be incorporated in Australia
- hold an Australian Business Number (ABN)
- be an employing business registered for WorkCover Insurance
- have an annual turnover of $50 million or less
- match any grant funding on a 1:1 cash co-contribution basis
- provide financial reports for the last three financial years to enable DJPR to conduct a financial risk assessment
- participate in future program evaluation activity.
How to get the Medical Manufacturing Fund grant?
You will need to demonstrate:
- how the funding of activity will be used to scale up or develop the business to manufacture the product
- the need for the product been researched and identified
- how well a market for the product has the been identified and evidenced
- outcomes potential for new clients or markets reached as a result of the product
- new revenue or investment
- job creation
- export revenue growth
- other value-add for the medtech industry
- track record of managing similar projects
- need for government funding
