Medical device maker and health-tech giant, Medtronic, is calling for Australian companies to pitch and expand their development of MedTech solutions in collaboration with it as part of the Medtronic APAC Innovation Challenge (MAIC).
Additionally, the initiative offers a chance to partner with Medtronic on a commercial pilot of their proposed MedTech, digital health, or solution, valued up to US$200K.
“Building on the entrepreneurial spirit that we share with other companies, including startups, serves as a launchpad for us to grow new ideas, empower an innovative ecosystem and translate this collaboration into actionable outcomes,” said Chris Lee, President for the Asia Pacific Medtronic.
“This is indeed aligned to our new brand and bold ambition to become the global healthcare technology leader, with the focus on AI, Robotics, Automation, IoT, and Digital Health,” he added.
Who can apply?
Medtronic is looking for MedTech solutions that serve one of four areas: Life Transforming Technologies, Better Outcomes for All, Experiences that Put People First, and Insight-Driven Care. Businesses with a commercialized product or service that match these requirements are encouraged to apply to MAIC.
Short-listed applicants can use the Challenge to further develop and innovate their solutions with the help of Medtronic. The top five MAIC winners will get the option to collaborate with Medtronic on joint product commercialization and commercial pilots for their proposed MedTech or digital health product solutions.
The Challenge’s final round will take place in the first quarter of 2022.
Medtronic Australasia Vice President and Managing Director Liz Carnabuci added: “Australia is home to many medical and high-tech healthcare innovations. MAIC is an extension of our commitment to local innovation.
“MAIC provides a unique opportunity for Australian innovators to tap into Medtronic’s reach in APAC, and we look forward to receiving applications from across the MedTech ecosystem.”
In Australia, Medtronic has supported innovators in partnership with industry groups, including AusBiotech and MedTech Actuator.
In 2020, Medtronic launched Eureka LIVE at the AusMedTech conference, which invited early-stage MedTech firms to pitch their ideas and receive funding. Additionally, during the height of the COVID-19 pandemic, when ventilators were in short supply globally, Medtronic partnered with Victoria-based innovator JigSpace to provide 3D training guides for its ventilators.
More investment in APAC
The MAIC is facilitated by the Medtronic Open Innovation Platform (OIP), a Medtronic project backed by the Singapore Economic Development Board. Through capability development, partnerships, and business organization networking in MedTech and digital health in APAC, with Singapore as the hub, the OIP will provide strategic collaboration in healthcare technology across various stakeholders across the ecosystem.
Keeping the unique healthcare needs of APAC, the platform will enable Medtronic to explore and advance partnership opportunities that can help Medtronic leverage data, AI, and automation to address patient needs.
In addition to MAIC, Medtronic will open its first-ever digital Medtronic Innovation Centre (dMIC) in Singapore as part of the OIP.
The facility will provide access to Medtronic technology and solutions and opportunities to contact regional and global specialists from the Medtronic professional network and a collaborative environment for an immersive product and therapeutic innovation experience. In 2022, the facility is planned to open.
The Medtronic APAC Innovation Challenge is accepting submissions now until 26 November 2021.
For more information, visit http://maic.medtronic.com.
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