Three Australian healthtech projects bag $690,000 worth of funding deals

More firms are eyeing an Asian expansion.

Three key life sciences projects have been awarded a total of $690,000 in new funding to support researchers, improve collaboration with industry, and open-up international market opportunities.

The funding comes from MTPConnect, the Medical Technologies, and Pharmaceuticals Industry Growth Centre.

The three projects are the Industry Mentoring Network in STEM (IMNIS), the Medical Device Partnering Program (MDPP), and Asialink Business.

"Each of these projects - IMNIS, MDPP and Asialink Business - is characterised by increased collaboration between research and industry, a focus on achieving commercial outcomes and building the capacity of Australia's healthtech community to take its ideas and products to the world," said Dan Grant, CEO of MTPConnect.

IMNIS inks PhD students with industry experts and aims to narrow the cultural gap between business and academia.

Led by the Australian Academy of Technological Sciences, IMNIS MTP programs are now on offer in five states, across 17 organisations and involving around 300 PhD mentees.

Meanwhile, the Medical Device Partnering Program is engaged in developing new medical devices, streamlining the complex process of bringing new products to market and creating new commercial opportunities for traditional and local manufacturers in South Australia.

Lastly, AsiaLink Business will assist Australian MTP companies realise commercial opportunities in Asia.

It will develop a report on the current levels of Asia-capability of boards and senior executives of ASX-listed health care equipment and services companies.

"With these three projects funded, MTPConnect's Project Fund program has invested a total of $15.6 million across 37 collaborative projects, engaging over 160 consortium members and leveraging $25.7m from industry," Grant said.