Medical Devices Fund means good news for aged care

January 6, 2015 | Technology

Australian scientist Howard Florey forever changed the world in the 1940s by developing a way to manufacture and process penicillin so it could treat infections.

This kind of innovation is critical in any sector, regardless if whether it's health care or aged care – certainly a fact the former recognises.  

In NSW, the Minster for Health Jillian Skinner is prioritising medical innovation through the support of an initiative called the Medical Devices Fund, something that could lead to a number of new medical technology breakthroughs in the near future.

The Medical Devices Fund  

This new initiative developed in NSW is now open for innovators to put forward their new ideas and apply for grants to continue research. Jillian Skinner announced that a substantial $6.7 million in grant funding is available.

She noted that NSW is a prime location for medical innovation.

"NSW has long been a world leader in the field of medical devices and over half of Australia's medical devices industry is based here," Mrs Skinner said.  

"The recipients of the NSW Medical Devices Fund will be instrumental in the application of new treatments, diagnostic techniques and devices that will be major contributors to health improvements in the future."

This is now the third round of funding for the MDF – financing which in the past has led to a new chronic pain management system and a pioneering method to naturally repair skin.  

The critical need for medical innovation  

Breakthroughs in medicine are critical to combating diseases and illnesses, sourcing new solutions for problems that put a strain on the medical sector as well as aged care.

Diseases like dementia, for example, impact thousands of people every year (including the elderly), thus requiring higher levels of care. By tackling the problems at the source with new innovations, management of these issues must become easier as both the population grows and the proportion of elderly to younger Australians increases.

The new year will bring a substantial number of new medical innovations – though it remains to be seen how many companies and individuals take advantage of the grant funding.

There's no denying that innovation is crucial to the medical industry and will continue to be for the foreseeable future.

What do you think are the biggest opportunities for success in the aged care industry today? Please contact us and let us know!