New funding to ensure Australia’s health innovators are REDI for business
SYDNEY, JULY 6 - The George Institute for Global Health has been named partner in a new national four-year initiative and will leverage its global health expertise to turn ideas from the brightest minds into commercially viable healthcare innovations for populations that need them most.
This will be achieved largely through the Institute’s partnership with UNSW Founders, to deliver Health10x, a unique startup accelerator program designed to support Australian health innovators build successful social enterprises.
The Institute is one of eight partners to be working with MTPConnect, who received $32 million from the Australian Government’s Researcher Exchange and Development within Industry (REDI) initiative, through the Medical Research Future Fund.
MTPConnect, a not-for-profit organisation aiming to accelerate the rate of growth of the medical technologies, biotechnologies and pharmaceuticals sector to help boost the Australian economy, is delivering the REDI initiative.
Deputy Director of The George Institute Australia, Dr Parisa Glass said that the funding would allow The Institute to deliver impact by driving entrepreneurship and innovation in healthcare.
“In collaboration with REDI partners, we will use the funding to build on our key innovation program, like Health 10x, and continue to create and strengthen national entrepreneurship training initiatives,” she said.
Health10x has a particular focus on innovations that address major health challenges in emerging and underserved markets, particularly the burden of non-communicable diseases (NCDs), like cancer, diabetes and chronic respiratory illness - leading causes of death and disability worldwide.
The program’s entrepreneurship education includes tailored health solution commercialisation education, regulatory compliance modules and other key topics ranging from health economics to clinical trials. It also provides founders with opportunities to validate their assumptions and offerings in low- and middle-income countries in India and China.
Australia’s medical technology, biotechnology, pharmaceutical and digital health sector supports 70,000 Australian jobs and contributed more than $5 billion in Gross Value Added (GVA) to the Australian economy in 2019.
Australia is recognised as world-leading in this sector, and its future is dependent on continually advancing the skills of its workforce.
David Burt, Director of Entrepreneurship, UNSW, said Health 10x had already successfully supported five Australian startups to develop their ideas and that this year the program has attracted teams across Australia and internationally.
“This investment will enable us to build on the momentum already in place and continue to deliver this unique startup accelerator, designed to turn the brilliance of Australian health innovators into commercialised solutions available to those who need them most.”