Health Market Validation Program to provide $15 million in grants

Gemma Ferguson, Trainee Attorney in the Melbourne Chemistry Group, attended the BioMelbourne Network Breakfast presented by The Hon Gordon Rich-Phillips MLC the Victorian Minister for Technology, the Aviation Industry and Assistant Treasurer, and other members of the Victorian Government.

The Victorian Government announced the launch of the Health Market Validation Program (Health MVP) which provides $15 million in competitive grants that encourages innovation in healthcare. This program is an extension of the a pilot program which has been further developed in consultation with the health industry sector.

The program is design to support pre-commercial development of innovative healthcare-related product, processes or services by providing a new source of funding to Victorian-based small to medium sized enterprises (SMEs) or for SMEs with at least 80% of research and development based in Victoria.

Health MVP has a three stage process, with the first stage occurring in November 2011. This requires Victoria's public health sector agencies, such as hospitals, health services, and similar agencies such as the cancer council to identify specific problems that would likely lead to significant improvements in the cost or delivery of health services.

The second stage is expected to occur in early 2012 with a invitation from the Victorian Government to SMEs to propose new technology solutions to the problems identified by the health sector agencies.

Finally, in the third stage the SMEs that submit successful proposals will receive an initial grant of up to $100,000 to undertake a feasibility study for up to 4 months, expected to occur in late 2012. Successfully feasibility studies may then be eligible for further funding of up to $1.5 million over two years in a validation phase to undertake project research and development (including clinical trials) to progress towards market.