Accelerating Market Readiness for Life-Saving Medical Products

The Allan Labor Government is assisting medical technology companies and scaleups in getting their life-saving solutions into hospitals faster, with new funding making it easier and more affordable for startups to enter the market. Natalie Hutchins, Minister for Jobs and Industry, visited Melbourne-based medtech firm Livac to announce the winners of the Labor Government’s Medtech Market Growth Program. Twenty startups or scaleups will get a $50,000 award to help them gain access to the services and resources they need to market their products to hospitals and healthcare providers.

The investment makes it easier for medtech entrepreneurs to establish product value and bridge the gap between product development and deployment in hospitals and healthcare services.
The program is supporting medtech firm Livac, which has developed an innovative medical gadget for safely retracting the liver during surgery, making the procedure less intrusive for patients and lowering liver stress.
We’re also sponsoring Tournicare, a medtech firm that has developed a revolutionary blood pressure monitor that can be used at home, replacing the classic wrap-around-the-arm design and altering the lives of thousands of Australians with high blood pressure.

The program is a cooperation between the Australian Medtech Manufacturing Centre and startup agency LaunchVic to boost the number of medtech businesses in Victoria and create jobs in the state’s thriving medtech sector, which employs over 20,000 people.

Natalie Hutchins, Minister of Jobs and Industry, stated, “Backing these startups will help create more high-skill, high-value local jobs while also boosting our medtech credentials around the world.”

Mr. Ben Carroll, Minister for Medical Research, commented, “This program assists startups and scaleups in getting their innovative life-saving products to hospitals and healthcare providers caring for Victorians.”