The Government of Ontario is setting up a new $20 million Health Technologies Fund to support healthcare innovation. This funding may be applied to a large variety of groups from SMEs to multi-national corporations, as long as more than half of the research and development and manufacturing processes occur in Ontario.
“The $20 million fund is designed to support pre-market evaluations and early adoption of innovative Ontario health technologies,” says William Charnetski, Ontario’s chief Health Innovation strategist. “Through it, we will invest $5 million over each of the next four years to accelerate innovation across multiple health care settings.”
Eligibility for this support requires membership of a Health Innovation team, which may be comprised of procurement professionals, tech companies, researchers, or end users (such as clinicians, doctors, or patients). Applicants may apply in one of three project categories: prototype, pre-market evaluation and early adoption.
“The three different categories recognizes that some companies are at different stages of their development,” says Gerry Frenette, executive director of Public and Member Relations at Canada’s Medical Technology Companies (MEDEC). “As it sits right now, we have a lot of innovation that is making its way into the healthcare system, but it’s not easy. The early adoption piece is really helpful.”
This initiative will also involve the hiring of Innovation Brokers, who are intended to help remove behavioural and process-driven barriers to the funded projects. Charnetski says that model candidates for this position are professionals who are well acquainted with both Ontario’s health care sector and its business climate. Additionally, they should have connections and networks that may promote a province-wide culture of innovation.
“We want people who are able to bring insight from a particular geography or sector into the strategic and tactical conversation,” he says.
An Innovation Broker could be the leader of an organization, research team or consortium. Their main purpose is to foster cooperation across Ontario’s healthcare system, with the mind to improve patient outcomes, add value to the system, and grow jobs in the province.
To learn more about becoming an Innovation Broker, visit the Government of Ontario’s website here.
