NSW Health’s Medical Device Commercialisation Training Program has previously supported commercialisation of revolutionary medtech innovations such as Tetratherix’s bone glue.
NSW-based biotech and medtech professionals and academics are invited to apply to participate in the free NSW Health Commercialisation Training Program.
Developed by NSW Health and to be delivered by Cicada Innovations, the multi-million dollar medtech and biotech 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 Beyond 700’s tear film that is currently being used by NASA and Tetratherix’s (formerly Trimph) “bone glue”.
the multi-million dollar medtech and biotech program aims to fast-track innovative ideas that will revolutionise the healthcare sector, improve patient outcomes, and provide economic opportunities
Ali Fathi, co-founder and director at Tetratherix, MDCTP 2014 alum, and MDF recipient, described the opportunity to participate in the program as being “pivotal” to commercialising his innovation.
“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 in order 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.”
That program reached over 1,000 workshop attendees with 96 core program graduates, created 19 companies, and raised over AU$77 million worth of funding, within just six years. It 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 and aims to attract a wide variety of medical device technologists, clinicians, postdoctoral researchers, and medtech and biotech entrepreneurs.
It will be repeated on a yearly basis over four years, however participants can progress through it at their own pace. It will be delivered both online and in person so as 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.
Dr Dharmica Mistry, Head of Medtech and Biotech at Cicada Innovations, said it was an honour to be selected to deliver the program.
“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.”