10 November 2009
Ten companies with outstanding examples of some of the potentially world-leading health solutions being developed in this country, have been selected as finalists in New Zealand Trade and Enterprise’s Focus on Health Challenge business development competition.
Ranging from software solutions to medical devices and wound care therapies, the top 10 entries include virtual reality training systems, hospital management software, anticoagulant management and monitoring, a wound care tissue supplement, a bacterial water checking device and Asthma support programme.
New Zealand Trade and Enterprise (NZTE) Operations Group Director Hans Frauenlob says that the health focused competition is all about fast-tracking New Zealand innovations into the United States health industry – the largest health market in the world.
“Time and time again we see New Zealand companies head to the US, and many of them simply don’t make the kind traction they hoped for. The US is a large, and difficult market – the health sector particularly so with many layers of rules and regulations to get through,” Mr Frauenlob says.
“By giving New Zealand health innovators an audience with some of the most influential health industry professionals in the US, and exposing the finalists to the right kind of expert advice, knowledge and networks, we hope to remove some of the barriers to entering the US market and bring about long-term commercial success for these companies.”
Mr Frauenlob says that the 10 finalists all have products or services that have the potential to deliver significant benefits for patients, doctors, clinicians, training providers and hospitals.
“They are all examples of some of the world-leading health solutions being developed in this country.
“Most importantly from a business perspective, they all have robust business plans and management teams in place, and their products and services have strong marketing potential in the US.”
The 10 Focus on Health Challenge finalists are:
- B2P Micro-Bioinformatics Technology from B2P Testing – bacterial water and food testing technology
- CapPlan from Emendo – capacity and operational management software solution
- Endoform Infection Control from Mesynthes Ltd – wound care and soft tissue reconstruction supplement
- Engineering Assisted Surgery Limited, a team entry – MRI scanning and implant solution
- Flexible Bronchoscopy Simulator from Airway Ltd – virtual reality air ways simulator
- GASP from Comprehensive Health – Asthma support programme
- Low cost, multiplex immunodiagnostic test platform from Pictor Ltd – immunodiagnostic testing platform
- SIMTICS Healthcare™ from Go Virtual Medical Ltd – e-learning with virtual reality simulator
- The Future of Warfarin Management from INR Online Ltd – web based anticoagulant management system
- Volpara Quantitative Breast Screening from Matakina – computer aided detection tools for x-ray screening
To get to this point the finalists have been through a rigorous selection process developed by NZTE. More than 100 entries were received, from which 20 semi-finalists were selected to ‘pitch’ their products to an international panel of judges including John Halamka, the Chief Information Officer and Dean for Technology at Harvard Medical School, who is often consulted by Congress and the White House on health-related topics; and Jay Srini, who was named one of the most influential people in technology by CIO Magazine in the US.
Over the next six months the 10 finalists will participate in a comprehensive ‘market readiness’ programme of activities that will draw on the advice and expertise of the investor, partner, consultant and end-user networks NZTE has brought together as part of The Challenge. The programme is designed to help finalists to best prepare for presenting to potential buyers, customers, investors and partners during a roadshow in the US in mid 2010. It will include one-on-one time with expert mentors; an indepth workshop with a US-based entrepreneur and angel investment expert and a range of professional services.
“It is not often that New Zealand companies are able to tap into advice and expertise of this calibre,” Mr Frauenlob says. “The judges, sponsors and partners involved are crucial to the success of this programme, and ultimately to the success of our finalists in the US. I hope that all the finalists make the most of the expert advice that they now have available to them.”
The finalists stand to share a significant pool of cash and in kind prizes and three overall winners will be announced at an awards ceremony in New Zealand in mid-2010.
For more information about the finalists and The Challenge visit www.nzfocusonhealth.com.
About the Focus on Health Challenge
The Focus on Health Challenge has been developed to help New Zealand companies and entrepreneurs maximise commercial opportunities in the US health market, and is designed to stimulate new product development, innovation, commercialisation and collaboration within New Zealand’s healthcare industry. It gives participants the chance to be connected to a network of influential health and business professionals in the US and New Zealand, including investors, partners and buyers.
The Challenge has the support of strategic partner, the Ministry of Health; major sponsors: the Health Research Council of New Zealand, Edwards Lifesciences, Microsoft, and Southern Cross Healthcare; and 30 other sponsors and partners that together have contributed more than $800,000 worth of cash and in-kind prizes.
The US has the largest health market in the world and is investing heavily on health care and health technology. Over US$2 trillion is already spent every year on healthcare in the US and there are plans to spend an additional $135 billion over the next few years, including $20 billion on health technology alone.
For more information please contact
Hans Frauenlob, NZTE Operations Director, ICT/Creative/Services, phone 09 354 9107 or 027 552 4192, email hans.frauenlob@nzte.govt.nz
Media contact
Dana Findlay, NZTE Communications Consultant, phone 09 354 9058 or 027 211 2025, email dana.findlay@nzte.govt.nz
