Medtronic APAC Innovation Challenge to advance future of healthcare technologies

MedTech News: Medtronic is inviting Australian businesses to participate in the newly launched Medtronic innovation challenge.

Providing an opportunity for innovators in the region to pitch and advance their development of MedTech solutions, the Medtronic APAC Innovation Challenge (MAIC) challenge also provides an opportunity to partner with Medtronic for a commercial pilot on their proposed MedTech, digital health or solution, valued up to US$200,000.

Medtronic is seeking MedTech solutions that support one of four areas: Life Transforming Technologies, Better Outcomes for All, Experiences that Put People First and Insight Driven Care. Businesses that fit these areas and have a commercialised product/service are encouraged to apply to MAIC.

The top five winners of the MAIC will have the opportunity to partner with Medtronic to explore joint commercialisation of products and/or run commercial pilots for their proposed MedTech or digital health product solutions.

The final round of the MAIC is scheduled to take place alongside the Medtronic Asia Innovation Conference in the first quarter of 2022 that will be hosted at Medtronic’s regional headquarters in Singapore.

Chris Lee, President for Asia Pacific, Medtronic, said “Building on the entrepreneurial spirit that we share with other companies, including start-ups serves as a launchpad for us to grow new ideas, empower an innovative ecosystem and translate this collaboration into actionable outcomes. Medtronic is one of the best destination for start-ups and innovators due to the large and diverse portfolio across 70 disease areas. This is indeed aligned to our new brand and bold ambition to become the global healthcare technology leader, with the focus on AI, Robotics, Automation, IoT and Digital Health.”

Medtronic Australasia Vice President and Managing Director Liz Carnabuci added “Australia is home to many medical and high-tech healthcare innovations and MAIC is an extension of our commitment to local innovation. MAIC provides a unique opportunity for Australian innovators to tap into Medtronic’s reach in APAC and we look forward to receiving applications from across the MedTech ecosystem.”

In Australia, Medtronic has supported innovators in partnership with industry groups including AusBiotech and MedTech Actuator.

In 2020, Medtronic launched Eureka LIVE at the AusMedTech conference which invited early stage MedTech firms to pitch their ideas and receive funding. Additionally, during the height of the COVID-19 pandemic when ventilators were in short supply globally, Medtronic partnered with Victoria-based innovator JigSpace to provide 3D training guides for its ventilators.

The MAIC is facilitated via the inaugural Medtronic Open Innovation Platform (OIP), an initiative launched by Medtronic with support from the Singapore Economic Development Board.

The OIP will bring strategic collaboration in healthcare technologies amongst various stakeholders across the ecosystem through capability development, partnerships and business organisations networking in the areas of MedTech and digital health in APAC, with Singapore as the epicentre. Keeping the unique healthcare needs of APAC, this first-of-its-kind platform will enable Medtronic to explore and advance partnership opportunities that can help Medtronic leverage data, AI, and automation to address patient needs. 

In addition to MAIC, as part of the OIP, Medtronic will also open its first-ever digital Medtronic Innovation Centre (dMIC) in Singapore. The facility will offer access to Medtronic technology and solutions, as well as opportunities to interact with regional and global experts from Medtronic professional network and a collaborative space for an all-round immersive experience of product and therapy innovation. The facility is expected to be open in 2022.

The Medtronic APAC Innovation Challenge is accepting submissions now until 26 November 2021. For more information, visit http://maic.medtronic.com.