SEK 42 million for NovaMedTech

Five start-up companies and 34 prototypes that have reached commercialization in less than three years illustrate the effects of NovaMedTech, an investment group in medical technology. The venture will receive continued funding, from among others the EU Structural Funds.

It is now possible to continue financing the NovaMedTech venture thanks to SEK 42 million, of which 29 million derives from the EU Structural Funds and another several million courtesy of completed work.

The project started in 2008 to produce innovative medical technologies that improve and individualize health care. They also worked towards a number of difficult but practical goals, including the number of new businesses and the number of products that should be marketed.

After the first three years, most targets have been met and some by a wide margin. Among other things, five new companies were initiated, two more are on the way, and no fewer than 34 prototypes have been developed for commercialization.

“We received an excellent evaluation by the Swedish Agency for Economic and Regional Growth (Tillväxtverket) and it is particularly pleasing that we now have the confidence to continue, says Peter Hult, project manager for NovaMedTech who also works at the Department of Biomedical Engineering at Linköping University.

The funding is also tied to some new goals, such as the 12 new products that will be marketed within three years and the 20 new companies that will be started.

“We're are a little cocky and are sticking out our necks here, because they are actually difficult targets, says Peter Hult.

During the project’s first three-year period, structures and networks were established and the forthcoming three years will focus on the final piece of the puzzle, entrepreneurship and how to get products to market.

However achieving these specific goals is not the most important facet, rather that we now identify a model and develop tools to continually take innovations to the market place, he says.

The project is run in collaboration with numerous stakeholders in academia, trade & industry and health care in Södermanland, Örebro, Västmanland and Östergötland.

EU Structural Funds are now investing SEK 29 million over three years until other financing is established via, among others, the East Sweden Regional Council, the County Administration Board, academia and industry to a total of SEK 13 million cash and several million via completed work.
 

Monica Westman Svenselius

Monica Westman Svenselius 2011-06-27