MedTech Market Growth Program

What is the MedTech Market Growth Program?

The MedTech Market Growth Program offers $50,000 in matched funding to up to 20 medtech startups and scaleups. This funding is designed to furnish these companies with the necessary skills, services, and resources to accelerate their products’ journey to the healthcare market.

 

Background

The Australian Medtech Manufacturing Centre, in collaboration with LaunchVic, has rolled out the MedTech Market Growth Program. This initiative aims to bolster Victorian medtech companies, helping them translate groundbreaking ideas into tangible healthcare solutions that can save lives and improve patient outcomes.

 

Objectives

The objectives of the MedTech Market Growth Program are:

  • To support medtech startups and scaleups in overcoming the challenges of bringing innovative products to market.
  • To enhance the capability and capacity of the Victorian medtech sector, fostering a conducive environment for growth and innovation.
  • To stimulate economic growth and job creation within the local medtech industry.
  • To ensure that groundbreaking medtech innovations reach the healthcare system, improving patient care and health outcomes.

 

Eligible Entities

Eligible entities for the MedTech Market Growth Program include:

  • Medtech startups and scaleups based in Victoria.
  • Companies that have a clear project plan and are ready to match the funding provided.
  • Entities committed to developing and commercialising medtech innovations that can make a significant impact on healthcare.

 

Eligible Expenditure

The MedTech Market Growth Program supports a range of activities, including:

  • Product development and scaling.
  • Market validation and business model refinement.
  • Regulatory compliance and certification processes.
  • Access to expert advisory and mentorship services.
  • Skills development and team expansion to support growth.

 

How to get the Medtech Market Growth Program

In order to get the Medtech Market Growth Program you will need to focus on:

  1. Demonstrate Unique Value Proposition: Clearly articulate the unique value your MedTech product or solution brings to the market. Explain how it addresses unmet needs or improves upon existing solutions.
  2. Show Market Viability: Provide evidence of market demand for your product, including market research, potential customer feedback, or pre-orders.
  3. Detail Innovation and Technology: Highlight the innovative aspects of your technology or solution and how it represents a significant advancement in the MedTech field.
  4. Financial Health and Planning: Present a clear financial plan, including current financial health, projected revenues, and how the grant will support financial sustainability.
  5. Strong Team Credentials: Showcase the expertise and experience of your team, emphasizing their ability to execute the project successfully.
  6. Strategic Growth Plan: Outline a detailed growth strategy that includes scaling operations, expanding market reach, and achieving key milestones.
  7. Compliance and Regulatory Strategy: Describe your approach to navigating regulatory requirements, securing approvals, and ensuring compliance within the MedTech industry.
  8. Evidence of Traction: Provide evidence of business traction, such as partnerships, customer testimonials, or sales figures, to demonstrate market acceptance and potential for growth.
  9. Commitment to Research and Development (R&D): Illustrate your ongoing investment in R&D to further develop and enhance your MedTech solution.
  10. Sustainability and Impact: Explain how your project contributes to the broader MedTech ecosystem, including potential health outcomes, cost savings, or improvements in patient care.

 

Track Record

Medtech Manufacturing Grant - Polynovo

Bulletpoinst assisted PolyNovo secure $500,000 from the Victorian Government’s Medtech Manufacturing Capability Program.

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).

 

Timing

The closing date for the Medtech Market Growth Program Round 1 closes on Monday, 8 April 2024, at 5pm (AEST).
Round 2 opens on Tuesday, 9 April 2024, and closes on Monday, 6 May 2024, at 5pm (AEST).

 

More information

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Guidelines

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