The Minister for Industry Support and Recovery Martin Pakula has said that the grant will put Vicotria at the forefront of medtech manufacturing in the country and create hundreds of skilled job opportunities for Victorians.
“We’re putting Victoria at the forefront of medtech manufacturing to deliver new opportunities to local businesses and create jobs,” the minister for industry support and recovery Martin Pakula said.
“This grant program will help our Medtech manufacturers scale up production and turn ideas into real-life solutions that support our health system and boost the economy.”
From March 9, the $3 million (US$2.18 million) Medtech Manufacturing Capability Program will be accepting applications by eligible Australian biotechnology businesses.
An eligible business can receive grants of between $100,000 (US$72,000) to $500,000 (US$364,800) under the program.
Eligible companies must make a gross revenue of $50 million (US$36.4 million) or less and will need to provide financial reports for the last three years. Grant funding must also be met on a 1 to 1 basis.
Successful applicants will also be given the opportunity to access local manufacturing services, infrastructure, and partner with other Victorian businesses to undertake new projects.
The hub was intended to “champion, develop and identify new opportunities for Victoria’s MedTech manufacturing and innovation sector.”
Though both initiatives promised to increase employment locally and bring millions in revenue to the state, the amount of funding given by the Victorian state government has not been publicised.
Applications for the Medtech Manufacturing Capability Program open March 9 to April 5.