Obamacare is a great thing for Australia’s healthcare sector, according to venture capitalist Mark Carnegie.
He’s invested $6 million as part of a $20 million funding round for the Seattle-based medical device maker Cardiac Dimensions, according to the AFR.
The Obamacare reforms have made it hard for a lot of US health start-ups to secure funding, but this means they can bring their innovations here.
“There’s been this big meltdown in American health care venture capital,” he said.
With the new funding, Cardiac Dimensions can move to Australia, and undertake a series of clinical trials for a device that treats a heart condition.
“We’re trying to do the reverse of what the Silicon Valley companies are doing,” Carnegie told the Fin.
“They’re trying to steal ideas from Australia and send them to the US.”
Also, by coming to Australia, the company’s trials are subsidised by the government’s incentives for research & development.
“I thought there was an opportunity with the tax concession to bring stuff down to Australia and get accelerated research and development,” the venture capitalist said, adding he’s poised to announce a similar deal in coming months.
There’s more here.
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