Medical technology startups and scaleups are receiving new grants to help bring their life-saving products into hospitals sooner.
Minister for Jobs and Industry Natalie Hutchins announced the recipients of the Labor Government’s Medtech Market Growth Program during a visit to Melbourne-based medtech startup Livac. Twenty startups or scaleups will each receive a $50,000 grant to access essential services and resources needed to bring their products to hospitals and healthcare providers.
This funding helps medtech startups determine product value and bridge the gap between product development and market entry. One beneficiary, Livac, has developed an innovative device that safely retracts the liver during surgery, reducing invasiveness and trauma for patients.
Another supported startup, Tournicare, has created a new blood pressure monitor for home use, replacing the traditional wrap-around-arm design and improving the lives of Australians with high blood pressure.
The program is a collaboration between the Australian Medtech Manufacturing Centre and LaunchVic, aiming to increase the number of medtech startups in Victoria and create jobs in the state’s growing medtech sector. Victoria is home to over 660 medtech companies, employing more than 20,000 workers.
The Victorian Budget 2024/25 allocated $40 million over four years for LaunchVic to continue supporting startups and connecting them with stakeholders and investors.
For more information about the recipients, visit launchvic.org.
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