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 to help encourage and support investment in the development and commercialisation of medical devices and related technologies in NSW.
The Medical Devices Fund (MDF) is a $5 million per annum, competitive technology development and commercialisation program funded by the NSW Government, through the NSW Ministry of Health. In the inaugural year, 2012-2013 financial year, the Fund has $8 million available.
The key objective of the MDF is to promote new and innovative medical devices/technologies within NSW that may have a global benefit. 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.