Digital health commercialisation company ANDHealth+ will lead the program to help six Australian companies upscale.
The federal government has announced it will invest $20 million into moving digital health research from the lab to the hands of patients and their care teams.
ANDHealth+, which works with mid-sized companies to develop their technologies for commercialisation, has received $19.75 million through the MRFF Medical Research Commercialisation initiative to spearhead the program.
Each of the six companies chosen to participate in the program will receive a share of $3.75 million in equity-free funding and hands-on support from ANDHealth+ experts to upscale.
ANDHealth+ CEO and managing director Bronwyn Le Grice said the investments would help high-potential innovators “navigate the complex and evolving landscape of digital health commercialisation”.
“Access to capital and digital health experience remain critical barriers to commercialisation and growth for digital health innovators in Australia,” she said.
“Whilst we have an increasing number of success stories growing internationally, this Australian Government funding is vital because companies at home still require support to navigate the valley of death and subsequent post-regulatory-approval viability gap.”
Sydney Neuroimaging Analysis Centre, which is using AI to monitor brain disease, is one of the companies involved.
Its flagship product, iQ-Solutions, uses MRI imaging to precisely analyse the brain, providing real-time imaging of changes to assist disease management.
“The SNAC’s new AI-powered product will be a step change towards precision monitoring and therapeutic interventions that will deliver better health outcomes, especially in conditions which are difficult to monitor and assess such as multiple sclerosis and Alzheimer’s disease,” said Ms Le Grice.
“The IQ-Solutions product builds on a significant body of work and existing clinical capability in the Sydney Neuroimaging Analysis Centre, carving out a new commercial opportunity for the Centre, whilst delivering significant commercial returns and health outcomes for patients.”
The five other companies involved in the program are:
- Cape Bionics, which offers digital scanning technology and software to create personalised, medical-grade compression garments;
- Educational and clinical outreach platform Healthily which aims to incorporate AI to increase engagement;
- Navier Medical ‘Mosaic’, an AI-driven medical imaging software company using CT scans to personalise treatment;
- Osara Health, multi-modal digital engagement platform for cancer patients;
- Software-as-a-Service platform Touchstone Life Care.
“The potential of Australian researchers and our digital health technology sector is unlimited,” said federal health minister Mark Butler.
“Investment is important, but so too is expert guidance to navigate the pathway from discovery to delivery for Australian patients.
“Through ANDHealth+ the Government is accelerating our brightest ideas to help reach our vision for fast and safe adoption of digital health technologies.”