The Medical Devices Fund is an $8.2 million per annum, competitive technology development and commercialisation program funded by the NSW Government, through the NSW Ministry of Health. In the 2018-2019 financial year, the fund has over $8 million available.
The NSW Health and Medical Research Strategic Review recommended that NSW be enabled to contribute to the discovery and application of new treatments and diagnostic techniques and devices that will be major contributors to health reform into the future (Recommendation 5.1). The NSW Government established the Medical Devices Fund (MDF) to help encourage and support investment in the development and commercialisation of medical devices and related technologies in NSW.
Broadly, the MDF aims to:
- provide support to individuals, companies, public and private hospitals, medical research institutes, universities, other public sector research organisations, and the medical devices industry, to take local innovation to market and
- increase the uptake of NSW medical devices by the health system where they are cost effective and contribute to improved patient outcomes.
The following principles will apply to the MDF:
- The project must be capable of potentially:
- improving patient care and/or health wellbeing
- generating, economic, social and/or environmental benefits to NSW.
- Funding will be open, competitive and merit-based, while maintaining commercial-in-confidence requirements.
- Funding can be used for purposes including:
- proof-of-concept, prototyping and piloting studies
- manufacturing samples for product trials
- conducting market and product assessments
- engaging a consultant to locate other national and international trials and research relevant to the product under development and
- conducting clinical assessments.
- The fund will support a cross-section of products across a range of applications throughout the medical device product life-cycle (technical device concept demonstrated to marketing).
- The fund will not support activities which are deemed to be research.
- The MDF Expert Group will have sufficient flexibility to tailor funding support according to what it believes is required to assist the development and commercialisation of a medical device.