$19.75m funding for digital health
Digital health commercialisation organisation ANDHealth has opened applications for its flagship program, ANDHealth+, after receiving a $19.75m funding injection from the Medical Research Future Fund (MRFF).
ANDHealth CEO and Managing Director Bronwyn Le Grice said, “The median capital raised by digital health companies in Australia is $250,000, and this program will offer companies up to $1 million in funding, alongside dedicated industry experts and supporting services. This is the single largest program to be made available to Australia’s evidence-based, clinically validated digital health companies to date and we expect there to be very high numbers of applications.”
Over the next four years, up to 25 high-growth-potential small to medium enterprises (SMEs) will be supported through ANDHealth+ and the ADHAF to de-risk their technologies from the point of view of institutional investors and global enterprise customers, accelerating their commercialisation and driving growth across key clinical, commercial and economic metrics.
The ANDHealth+ program will be augmented by the ANDHealth Digital Health Accelerator Fund (ADHAF), which will ensure investments made under the program will drive maximum impact and growth in selected SMEs.
The Federal Minister for Health and Aged Care, Greg Hunt, congratulated ANDHealth for its role in growing Australia’s nascent digital health industry. “Australia’s digital health sector has massive potential to both revolutionise the health system and become a major force in Australia’s future economic growth,” Minister Hunt said.
The ANDHealth+ program had 10 companies selected in the pilot program raising over $70 million in funding, creating 296 jobs, undertaking 44 clinical studies and impacting over 200,000 patients in just four years.
Le Grice said ANDHealth+ will support companies whose technologies treat, diagnose, cure, mitigate and/or prevent disease or other health conditions. “By supporting these companies to commercialise, we can create globally scalable businesses, headquartered in Australia, improving patient lives around the world.”
ANDHealth+ will be offered annually over the next four years on a competitive basis to SMEs who meet the specified eligibility and selection criteria.
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