Bio-Bridge takes Australian health innovators to Texas
The Texas Medical Center (TMC) is the largest medical centre in the world, with an extensive campus of 21 hospitals, 50 non-profit organisations and eight academic and research institutions. TMC concentrates its operations and research on genomics, regenerative medicine, innovation, clinical trials and health policies.
TMC also runs the TMCx accelerator program, which provides start-up companies with shared workspace, a curriculum tailored to the needs of healthcare entrepreneurs and the guidance of over 120 industry advisers. Companies also have access to the medical centre itself, all without membership fees or equity sharing.
CNSDose, WardMM and Personify Care participated in the first Australian intake into TMCx, from February–May 2017, as part of the Bio-Bridge initiative — a partnership between TMC and Australia’s medical technology sector. Facilitated by Austrade, Bio-Bridge aims to provide the foundations for a long-term bilateral innovation and technology transfer between Australia and the US.
The Australian participants gained insights from experts in every facet of exporting health-related technologies to the US, which included clinical trials, FDA regulations, HIPAA/HITECH compliance, hospital procurement, commercial pilots, IP, licensing, fundraising and marketing. They also received free services from US market experts which included legal advice, business planning, regulatory counsel and access to the eight million patient encounters at TMC annually.
Dr Harris Eyre, CNSDose CMO, said TMCx is a world-class opportunity which is nestled within the world’s largest healthcare market — the US.
“For companies who are looking for quick and unparalleled scale of market access, TMCx provides this,” Dr Eyre said. “For companies who are looking for a US ‘landing pad’ and an environment to more slowly learn about the US market, then TMC can offer this through its advisor network and curriculum.”
Alastair Walton, Austrade’s Houston-based consul-general and senior trade and investment commissioner, said this is only stage one. Over the longer term, Bio-Bridge is focused on creating a two-way flow of capital and resources through collaborations in research, clinical trials and commercialisation.
“The partnership will develop a sustainable growth platform for Australian innovation in medical devices, diagnostics and digital health, and foster connectivity and collaboration with new customers and decision-makers at some of the leading hospitals and medical institutions in the US,” Walton said.
Applications for the second TMCx medical device cohort will be supported by AusBiotech and an online application for Australian medical device and diagnostics companies will be available this month. Contact Austrade for more information.
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