19 October, 2021
Australian businesses invited to advance the future of healthcare technologies in Medtronic APAC Innovation Challenge
Medtronic plc (NYSE:MDT), a global leader in healthcare technology, invites Australian businesses to participate in the newly launched Medtronic APAC Innovation Challenge (MAIC). Providing an opportunity for innovators in the region to pitch and advance their development of MedTech solutions, the challenge also provides an opportunity to partner with Medtronic for a commercial pilot on their proposed MedTech, digital health or solution, valued up to US$200,000.
Medtronic is seeking MedTech solutions that support one of four areas: Life Transforming Technologies, Better Outcomes for All, Experiences that Put People First, and Insight Driven Care. Businesses that fit these areas and have a commercialised product/service are encouraged to apply to MAIC.
The MAIC allows selected participants to further develop and innovate their solutions with the guidance of Medtronic.
The top five winners of the MAIC may have the opportunity to partner with Medtronic to explore joint commercialisation of products and/or run commercial pilots for their proposed MedTech or digital health product solutions.
The final round of the MAIC is scheduled to take place alongside the Medtronic Asia Innovation Conference in the first quarter of 2022 that will be hosted at Medtronic’s regional headquarters in Singapore.
“Building on the entrepreneurial spirit that we share with other companies, including our Medtronic Open Innovation Platform (OIP) start-ups serves as a launchpad for us to grow new ideas, empower an innovative ecosystem and translate collaboration into actionable outcomes. Medtronic is one of the best destinations for innovation and innovators due to its large and diverse portfolio across 70 disease states. This is indeed aligned to our new brand and bold ambition to become the global healthcare technology leader, with a focus on AI, robotics, automation, IoT and digital health,” said Chris Lee, president for Asia Pacific, Medtronic.
“Australia is home to many medical and high-tech healthcare innovations and MAIC is an extension of our commitment to local innovation. MAIC provides a unique opportunity for Australian innovators to tap into Medtronic’s reach in APAC and we look forward to receiving applications from across the MedTech ecosystem,” said Liz Carnabuci, vice president and managing director, Medtronic Australasia.
The Medtronic APAC Innovation Challenge is accepting submissions now until 26 November. For more information, visit http://maic.medtronic.com.
In Australia, Medtronic has supported innovators in partnership with industry groups including AusBiotech and MedTech Actuator.
In 2020, Medtronic launched Eureka LIVE at the AusMedTech conference which invited early stage MedTech firms to pitch their ideas and receive funding. Additionally, during the height of the COVID-19 pandemic when ventilators were in short supply globally, Medtronic partnered with Victoria-based innovator JigSpace to provide 3D training guides for its ventilators.
Image shows Wan Yee Goh, senior vice president and head, Healthcare, EDB (left) and Chris Lee, president for Asia Pacific, Medtronic (right) at the signing ceremony for the Medtronic APAC Open Innovation Platform (OIP) and MAIC launch.
Medtronic extends commitment to innovation in APAC
The MAIC is facilitated via the inaugural Medtronic OIP, an initiative launched by Medtronic with support from the Singapore Economic Development Board.
The OIP will bring strategic collaboration in healthcare technologies among various stakeholders across the healthcare ecosystem through capability development, partnerships and business organizations networking in the areas of medical technology and digital health in APAC, with Singapore as the epicenter.
Focusing on the unique healthcare needs of APAC, this first-of-its-kind platform will enable Medtronic to explore and advance partnership opportunities that can help Medtronic leverage data, AI, and automation to address patient needs.
In addition to MAIC, as part of the OIP, Medtronic will also open its first-ever digital Medtronic Innovation Centre (dMIC) in Singapore. The facility will offer a collaborative space for an all-round immersive experience of product and therapy innovation. The facility is expected to be open in 2022.