A Victorian Medtech Manufacturing Capability Program (MMCP) supporting the growth of its medtech and manufacturing sectors has opened.
The Australian Medtech Manufacturing Centre (AMMC)'s $3 million programme is offering SMEs matched-funding grants of up to $500,000, as it aims to build greater capacity and capability across the State and to strengthen Victoria's long-term global competitiveness.
The AMMC notes that the four-week application timeline reflects the programme's target of "ready-to-go" medtech projects that can be delivered over the next 12 months, and that it's designed to "service the industry's needs of today, increasing medtech manufacturing capability leading to new job creation and business growth."
Building long-term sovereign manufacturing capability is important for the nation, and AusBiotech's Biotechnology Blueprint strategy notes that, "In 2020, Australia ranked last in the OECD list for manufacturing self-sufficiency, a ranking that means Australia has the most underdeveloped manufacturing sector, and the greatest sovereign risk of any industrial country in the world. But while manufacturing now comprises just eight percent of the Australian economy, manufacturing remains one of Australia's major sources of innovation, responsible for a quarter of all investment in R&D."
Victoria's funding programme is a positive step to bolster local capacity and supports Australia to become a manufacturing destination of choice.
The AMMC is holding an information session for applicants at 1.00 pm, Wednesday, 16 March. Applicants are invited to register here.
Applications for the MMCP closes at 5.00 pm, 5 April 2022. To learn more and apply, visit the AMMC program page here.
