MedTech Bites May 2019 – edited by Jeanette Donnelly
Midyear and a new budget for New Zealand. The allocation for Vote Health is nearly $20B in the coming fiscal year. The focus is around “well-being” for New Zealanders that addresses equity and access issues. Relevant to our MedTech Bites audience is the government’s new approaches to tackle mental health and addiction. This includes increasing support via telehealth and digital technology, providing new opportunities in technology play.
The budget also acknowledges New Zealand’s need for venture capital funding to help grow our businesses. A new $300M fund for Series A and B capital, and complementing current seed and Angel funding, will be established. This is indeed welcome news for our medtech business community. New Zealand medtech innovations are competitive on the global market but our companies need a sustainable path to grow and develop the new products and services that can be commercialised.
On that note, Fisher & Paykel Healthcare’s revenue went pass $1billion this month. This is a huge achievement for 50 years of hard work and New Zealand’s economic growth at so many levels. The origins of its humidifier technology can be traced to the collaboration between a clinician, a scientist and an industrial engineer backed by Fisher & Paykel Healthcare’s then parent company. The partnership between clinicians/end-users, researchers and business is still the crux of successful medtech companies.
Congratulations are also in order to ophthalmic start-up, oDocs for their recent win of USD100,000 at Dubai’s EXPO Live Innovation Impact Grant Programme. The EXPO Live programme funds social enterprises, startups and grassroots projects from around the world. Winners are picked based on their potential to impact the environment positively and generate real social value. As far as we know, oDocs is the first company from New Zealand to win a grant. This comes on the back of a partnership with Riyadh’s King Saud University, the biggest medical university in the Arab world, formalized in late 2018.
To close off, Healthtech Week https://healthtechweek.nz is around the corner between 01 to 04 July. An exciting week of events awaits those attending and we hope to see many of you there. There will be lots of opportunity to network and learn.
NZ Health IT’s take on the budget – https://www.nzhit.nz/news/budget-2019-focus-on-wellbeing
Fisher & Paykel Healthcare Hits Record $1 billion milestone, NZ Herald 27 May – https://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=12234616
Dubai EXPO Live Innovation Impact Grant Programme – https://www.expo2020dubai.com/programmes/expo-live
Dr Diana Siew
CMDT Co-Chair and Associate Director of MedTech CoRE