With an election just three weeks away, the New South Wales government is continuing to place bets on industry hubs to help commercialise innovation, announcing today that it would spend $1.7 million on a medical tech knowledge hub.
The “medtech” hub was the fourth of five industry-led Hubs being rolled out in NSW. Last week the government threw its support behind a financial industry tech hub, named Stone and Chalk, in Sydney’s CBD. The others already in place focus on digital creative and energy innovation, while transport and logistics has yet to be finalised.
The medtech hub is based at Baxter Healthcare in Toongabbie and is coordinated by the industry body Medical Technology Association of Australia.
The money comes from the NSW department of trade and investment and will be spent over two years, with five industry partners also involved in the project to mentor and train small-to-medium enterprises to commercialise their ideas.
The federal government’s intergenerational report, released last week, predicted that health spending would more than double in real terms, to $6,460 per person in 2055 and overall spending on health would increase to 5.5% of GDP from the current level of 4.2%.
Details on the NSW Knowledge Hubs are here.