New Zealand is a small country with big and innovative ideas. Health care technologies are one area where our fresh thinking helps us stand out from the crowd.
We have pioneered health care inventions from medical devices to health, IT solutions, and plenty in between. We've used our passion for the web to create electronic systems that are used by clinicians, hospitals, and health care educators around the world.
Today, New Zealand's health care technology industry is more vibrant than ever. The space is packed with companies that excel at turning smart ideas into saleable solutions.
Taking these innovations to the world's largest health market in the United States is challenging, but the opportunity has never been bigger. The US health market is huge. They already spend over $2 trillion US a year on health care, and will be adding another $135 billion over the next few years. Health technologies are one area that the Obama Administration's health reforms are looking to improve.
The Focus on Health Challenge has three goals: fast-tracking New Zealand companies' understanding of the US market, preparing them to commercialise their products in the US, and introducing them to potential business partners, investors, and end users of their innovative health solutions.
It's been an exciting journey launched by New Zealand Trade and Enterprise a year ago. More than 100 applications were put forward, testament to the breadth and depth of health care innovation taking place in New Zealand. Twenty semi-finalists were selected and eventually whittled down to just nine contenders for our total prize pool of over $800,000.
The successful finalists have had an exhilarating six months. They've groomed and refined their offering in New Zealand, been coached and mentored. They've honed their presentation skills, strengthened their business plans, carried out intensive market research, and pitched to influential investors, partners, buyers, and elite sponsors. Then they hit the road in the US.
The challenge has fired up the New Zealand health industry and fine tuned a new round of promising health technologies ready to take on the lucrative US health market.
The challenge has been supported by an amazing network of people both in New Zealand and in the US. Our international judging panel is well qualified to pick the best because they are the best in their field. Five of them come from some of the world's most respected medical institutions.
We've had health technology companies, investors, end users, and mentors on board. And we've been joined by partner organisations who have helped champion the challenge. None of this could have taken place without our sponsors. The challenge has had superb backing from our generous cash sponsors, and the many that have provided support in kind.
New Zealand is a perfect incubator for innovative health care technologies. We're proud to be supporting the next generation of Kiwi companies to gain greater traction in the US.
