MTPConnect, one of the leading clusters for life sciences in Australia, has announced a new $28.5 million health tech accelerator designed for prevention and control over heart diseases and diabetes. This program is called Targeted Translation Research Accelerator (TTRA) and is supported by a $22 billion Medical Research Future Fund from the federal government. It aims at backing start-ups with technological solutions for new CVD drugs and medical technology devices, as well as solutions to complications resulting from type I and type II diabetes.
Image Source: MTPConnect
TTRA Program Details
Cardiovascular disease and diabetes are some of the leading causes of mortality and morbidity globally. These chronic diseases are some of the major health issues prevalent in Australia as they impact millions of citizens and burden the healthcare sector. The problems stated above will be solved by launching a new accelerator at MTPConnect that will help create and bring to the market innovative medical technologies.
The TTRA program will be created as a model of non-dilutive funding in addition to offering insight and education about the industry, as well as mentorship, market understanding, and commercialization tools to SMEs in the health tech sector. These measures are aimed at enhancing the whole process of taking a research concept and turning it into a clinical reality which would in the long run enhance healthcare delivery while creating employment in the life sciences industry.
Industry Collaboration and Successes
CSL and Roche Diagnostics have lent their support to the accelerator, as they offered their knowledge and assets to companies in the incubator. The goal of this session is to guarantee that domestic talents have an opportunity to access the finest expertise and resources in their field, thereby increasing their chances of success.
MTPConnect has been previously linked to helping innovative health tech startups. In 2021, the organization invested in Victorian medtech start-up Nirtek which offers a product that detects unstable coronary plaque in arteries to allow cardiologists to prevent further heart attacks. This support helped Nirtek to move far in designing and trialing their prototype apparatus.
Impact on Healthcare and Innovation Gap
Australia is among the top 10 countries in terms of research inputs but ranks only 30th in terms of the output of that research. The TTRA program could reduce this gap by offering Australian SMEs access to top industry talent and capital. In turn, MTPConnect aims at bringing Australia into the league table of global innovators, ultimately enhancing the nation’s ability to manufacture more medical products locally.
One advantage of the TTRA program is that it targets diseases that are more common today, such as heart disease and diabetes. As such, fostering new treatments and technologies can enhance the delivery of quality care to patients with CVD and diabetes. This, in turn, could help decrease the cost of the healthcare system and improve the quality of life of millions of Australians.
Conclusion
MTPConnect’s $28.5 million health tech accelerator demonstrated an important commitment to improving the health technology ecosystem in Australia. The TTRA program supports startups related to heart disease and diabetes, hoping to raise innovations that would significantly enhance the lives of patients with the diseases. As supported by the industry magnates and the federal administration, this strategy aims to make a significant difference in the battle against these chronic diseases.
