AN accelerator programme for medical device, digital health and diagnostic startups was launched on Wednesday at the Asia Pacific MedTech Forum.
The MedTech Innovator Asia non-profit programme is the Asia edition of the US-based MedTech Innovator.
Since 2013, MedTech Innovator has reviewed over 2,500 early-stage companies from around the world and graduated 185 companies through its four-month accelerator programme. The startups have gone on to raise over US$700 million in follow-on funding, said MedTech Innovator in a press statement.
The Asia edition is a result of a partnership with the Asia Pacific Medical Technology Association (APACMed). Startups that emerge as finalists of the 2019 cohort will be awarded US$300,000 in non-dilutive cash prizes, and the grand prize winner will be determined via an audience vote during the Asia Pacific MedTech Forum in October next year.
Incubator spaces will also be awarded by the programme’s corporate sponsors to select startups. In exchange for providing funding and mentorship to startups, these sponsors will gain access to the database of applicants from the region and the opportunity to explore collaboration with the finalists.
Past sponsors of MedTech Innovator include Johnson & Johnson, Baxter and Olympus. The 2018 programme also included the participation of the National Institutes of Health (NIH), the Food and Drug Administration (FDA), as well as leading healthcare investors, manufacturers and providers.
Paul Grand, chief executive of MedTech Innovator, said: “Our partnership with APACMed will assist us in connecting with innovative startups and stakeholders across all major Asia-Pacific markets. It will also provide access to funding while accelerating the development of ground-breaking technologies in order to improve the lives of patients, their care providers, and the health system as a whole.”
Applications for MedTech Innovator Asia will open in November.