Vic announces funding for new medtech innovation & commercialisation centre

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The Victorian government has announced $2.4 million in funding to establish the Victorian Connected Health Innovation and Commercialisation Centre in Melbourne’s central business district. 

Made possible through the state’s Australian Medtech Manufacturing Centre and Biotechnology Fund, the latest investment is aimed at giving local medtech manufacturers and innovators an edge to compete in the global market. 

The funding also seeks to create local high-skilled jobs in one of Victoria’s fastest-growing industries, the state government said in a statement

Operated by ANDHealth, the new centre is expected to support up to 500 local companies per year, connecting them with healthcare professionals and innovators and investors to accelerate the development of new digital health products. 

“This new Centre will strengthen Victoria’s nation-leading advanced manufacturing capabilities and our status as a growing hub for medtech production,” said Minister for Industry Support and Recovery Ben Carroll. “We’ll continue to support local medtech manufacturers to create thousands of high-skilled jobs across our state.”

The medtech industry is one of Victoria’s fastest-growing sectors, contributing over $21.4 billion in revenue to the economy and supporting more than 31,000 workers. 

More than 6,000 individuals are employed at Victoria’s 18 medical research institutes, who generate the scientific breakthroughs that inform product development. 

“Our medical researchers and innovators are leaders in their field, regularly bringing world-first medtech products and devices to market that will change the lives of Victorians and people around the world,” said Jaala Pulford, minister for innovation, medical research and the digital economy. 

The latest investment follows a $3.2 million government investment in 12 Victorian medtech businesses through the Medtech Manufacturing Capability Program that will create more than 90 new jobs across the state. 

“This is a significant investment by the Government to establish the first physical presence for Victoria’s world-class life sciences and medical technology capabilities,” ANDHealth CEO and Managing Director Bronwyn Le Grice said.