AUSTRALIA | Diabetes and cardiovascular disease are the prime focus for the Australian Government following new investments in health.
The Australian Government is investing AUD 12 million to develop new Australian-made medical devices and medicine for people with cardiovascular disease and diabetes.
Fourteen Australian start-up and innovator companies will receive funding and commercialisation support to develop improved treatment for management of cardiovascular disease and complications of type 1 and 2 diabetes.
Over 1.3 million Australians live with diabetes and 1.3 million Australian adults are living with one or more conditions related to heart, stroke or vascular disease.
Cardiovascular disease is the leading cause of death in Australia and diabetes is among the top 10.
The biotech and medtech companies were selected through a competitive process by MTPConnect’s Targeted Translation Research Accelerator program.
The funding is awarded through the Medical Research Future Fund program targeting commercialisation of Australian medical research and innovation products for cardiovascular disease and diabetes. The funded projects have attracted more than AUD 17 million in additional contributions from industry.
“This funding will support exciting new treatment and management options for Australians with cardiovascular disease and diabetes,” said Minister for Health, Hon Mark Butler.
“Our government is expanding the Australian-made medtech and biotech sector as part of our vision of a future made in Australia. The Albanese Government is supporting our health and medical research sector to ensure Australia remains a global leader in this field for decades to come.”
MTPConnect CEO Stuart Dignam said these homegrown innovations should be scaled in Australia first before heading offshore.
“We want to drive sovereign success which will power local job creation and improve health outcomes for Australians and others around the world,” said Dignam.
“Following an open and rigorous assessment process through our Targeted Translation Research Accelerator program, we’re backing established SMEs, start-ups and spin-outs in New South Wales, South Australia, Tasmania, Victoria and Western Australia."
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