Innovative Healthcare Program: Revolutionizing Medtech in NSW
The Program aims to fast-track innovative ideas that will revolutionise the healthcare sector, improve patient outcomes, and provide economic opportunities for emerging medtech businesses in NSW.
It builds on/expands NSW Health’s Medical Device Commercialisation Training Program, also delivered by Cicada Innovations, which nurtured a series of revolutionary medtech innovations such as Tetratherix’s (formerly Trimph) “bone glue”, and Beyond 700’s tear film that is currently being used by NASA.
This Program reached over 1,000 workshop attendees with 96 core program graduates, created 19 companies, and raised over $77 million worth of funding, within just 6 years. The Program has supported graduates in applying for competitive funding to further support these ideas through NSW Health’s Medical Devices Fund (MDF)
Recruitment for the new Program has begun this month and aims to attract a wide variety of medical device technologists, clinicians, postdoctoral researchers, and medtech and biotech entrepreneurs.
The Program will be repeated every year over four years, however, participants can progress through it at their own pace. It will be delivered both online and in person to be more accessible and flexible.
By its conclusion, participants are expected to have formulated their intended commercialisation journey covering idea validation, customer identification, stakeholder engagement, and a realistic roadmap to market. They will also have formed deep and valuable connections with the NSW health ecosystem.
Notable Program delivery partners will include Australia’s leading provider of accelerator, incubator, and commercialisation programs for digital health technology companies, ANDHealth, and Cicada incubatee SpeeDx, a medical diagnostic company, and two-time MDF recipient which has raised over $15 million in capital and partnered with large, multinational diagnostic companies for distribution and test development.
Perspectives on Healthcare Innovation in NSW
Dr. Dharmica Mistry, Head of Medtech and Biotech at Cicada Innovations, said: “It’s an honor to be selected to deliver such a critical program and to support the NSW Government in its mission to develop medical technologies of the future and build capabilities within the healthcare sector.
“Cicada Innovations is committed to building a collaborative innovation ecosystem in NSW. It takes a wide breadth of expertise and know-how to set fledgling entrepreneurs up for success as they look to commercialise their technologies, and we believe this is the exact skillset that Cicada Innovations brings.
“It takes years for these innovations to come to market and have an impact. We look forward to fostering collaboration across the medtech and biotech ecosystem, and delivering multifaceted and impactful support to these innovators who are paving the way for the future of healthcare.”
Brownyn Le Grice, CEO & MD of ANDHealth, said: “Australia has an unprecedented opportunity to lead the world in medical technology innovation and commercialisation. But this will only come from the best minds working collaboratively to change the way healthcare interventions are designed and delivered.
“ANDHealth is pleased to be partnering with Cicada Innovations and NSW Health to deliver the NSW Health Commercialisation Training Program which will drive meaningful innovation and commercialisation outcomes for medical technology innovators.
“We congratulate NSW Health for its focus on building the capabilities required to build a robust medical technology industry that will be commercially sustainable and improve outcomes for patients.”
Ali Fathi, co-founder & director at Tetratherix, MDCTP 2014 alum, and MDF recipient, said: “I wanted to continue my PhD project and see it through into the commercial world. The Medical Device Commercialisation Training Program taught me how to engage end users to finely tune the technology to be able to address unmet clinical needs. The support I have received from NSW Health and Cicada Innovation through this program has been pivotal to my commercialisation journey.”
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Note: Please contact Erika Streegan for any interview requests: 0401 788 399
Pioneering Deep Tech Incubator: Cicada Innovations
Cicada Innovations is Australia’s pioneer deep tech incubator, on a mission to catalyse and grow the ecosystem by connecting entrepreneurs, researchers, investors, and mentors to solve the world’s biggest problems.
It supports a community of innovators and high-growth emerging deep tech companies, who are building the industries and jobs of the future, by providing investment; commercialisation, and acceleration programs; rich research partnerships; networks of domain experts; and specialist deep tech infrastructure through its four top Australian university shareholders, ANU, USYD, UNSW, and UTS.
Since launching in 2000, Cicada has assisted 300+ companies to raise $350m+ in venture capital and government grants, file 500+ patents and trademarks, and bring 700+ deep technology innovations to market globally. It has been awarded “Top Incubator in the World” twice by the international peak body for business incubation and entrepreneurship, the International Business Innovation Association (InBIA).
