14 March 2019 |
A new program to help Victorian medtech startups enter the US market is being launched next week in Melbourne.
Healthtech Reimbursement: Getting Paid in the USA has been developed by BioMelbourne Network, with support from LaunchVic, to help medtech companies understand the complexities of the US healthcare reimbursement system.
LaunchVic’s 2018 State of HealthTech Victoria reported that the majority of Victoria’s health and wellbeing firms are targeting the US and this is often the first target market for growing companies – prioritised above local market entry in Australia. However, healthcare in the US is complex, and startups need clarity on ‘who will pay for this new product?’ and ‘at what price?’.
BioMelbourne Network’s Healthtech Reimbursement program aims to answer these questions, and more. The customised program is designed to educate founders and executives of medical technology startups on the fundamentals of reimbursement, health economics, and market strategy in the US.
“The Healthtech Reimbursement program allows startup founders to check and validate their business model and determine the most appropriate strategies for going forward into the US market,” says Dr Krystal Evans, CEO of BioMelbourne Network.
The program will bring US reimbursement experts to Melbourne to deliver a series of masterclass modules and also provides a unique opportunity for a select group of participants to travel to the US to meet directly with key players in Medical Alley, Minneapolis – the leading healthtech hub of the USA.
“As much as companies can do their homework and market research locally, there is no substitute for engaging directly with experienced US experts,” says Dr Evans.
One of these experts is Frank Jaskulke, Vice President of The Medical Alley Association in Minneapolis. “The US market represents the largest healthcare opportunity in the world, and it is fundamentally different from the Australian healthcare system,” he says. “The opportunity to bring highly innovative Australian companies to the US is what attracts me to Melbourne.”
The Healthtech Reimbursement program is funded through Victoria’s startup agency LaunchVic, whose eighth funding round focused on leveraging Victoria’s key strengths in the health startup sector – including in medtech, biotech, pharma, health & ageing services and disability services.