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 Medical Devices Fund helps 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. In the first two funding rounds, $16.4 million has been committed to nine technologies. Round three will have up to $6.7 million available.
The key objective of the MDF is to promote new and innovative medical devices and 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.