The Federal government has allocated $392.4 million in funding for the establishment of a new Industry Growth Program that would boost the development of priority sectors, such as medtech, biotech, and pharma.
MTPConnect Chair Jaala Pulford commended the government’s commitment to the initiative, noting that it will help accelerate the commercialisation of medical science startups and small to medium enterprises (SMEs).
“In a tough budget environment, it’s a welcome commitment to the potential of the MTP sector to deliver new, high-paying jobs and economic growth, through the development and commercialisation of new medicines and medical devices,” Pulford said.
Since MTPConnect’s conception eight years ago, Pulford said the organisation has delivered six funding programs for DISR and the Medical Research Fund, generating $140 million within the sector and contributing to the $1.3 billion Australian medical products industry.
The organisation has also been directly involved in 184 commercially focused projects and worked with others across the country to understand their needs, gaps, and business aspirations.
“Through our national network of 40 staff, we understand the importance of carefully curated industry connections and on-the-ground insights to support the growth of emerging companies,” Pulford noted.
The MTPConnect chair said the Industry Growth Program can serve as a hand-in-glove with the National Reconstruction Fund, providing integrated support throughout a company’s commercial lifecycle.
“MTPConnect looks forward to engaging with government on the design and delivery of the Industry Growth Program and working to ensure its ongoing success,” Pulford concluded.
