Swiss medtech manufacturer 41medical has set up a subsidiary in Australia to help accelerate the development and commercialisation of Australian-born medical devices.
The subsidiary, 61medical, will work with Australian clinicians, researchers, universities, institutions and medtech companies to manufacture high-value medical technologies for the global market.
'We see an opportunity to help bridge the gap between that knowledge to market readiness that is often missing due to the costs and capabilities required,' says Professor Robert Frigg, the chairman and owner of 41medical.
'The backing of 41medical guarantees Australian researchers direct access to a large international network for validation, industrialisation and supply chain, as well as access to large medtech companies.'
To mark the company's launch, 61medical, 41medical and the Queensland Government signed a three-way memorandum of understanding (MoU).
The Queensland Government is supporting 61medical by helping the company to locate in a hospital precinct close to researchers and clinicians, and facilitating access to R&D incentives.
Under the MoU, 41medical and 61medical will set up a contract medical device development and manufacturing business in Queensland, bringing with them 41medical's extensive knowledge, expertise and international networks in the medtech sector.
61medical is planning to raise capital from institutional investors to establish an investment fund for specific development projects.
Queensland's biomedical industry contributes around A$1.86 billion to the state economy and employs approximately 10,700 people.
