ANDHealth CEO and Managing Director Bronwyn Le Grice commented, “It is a tremendous honour to be ranked in the AFR Most Innovative Companies List, especially as it was our novel, non-profit, non-equity-taking program, ANDHealth+ which was at the core of our ranking.”
“ANDHealth+ was the first program in Australia to prove the value of a high touch, non-equity-taking accelerator model in taking high-risk, evidence based digital health technologies to market. Since our first pilot program in 2018, this model has yielded immense benefits for participating companies, with our cohort companies raising $148.3m capital, generating $49.5m in new revenues, creating 412 jobs and impacting over 640,000 patients.”
The flagship program of ANDHealth, ANDHealth+ is a globally unique annual program that selects and supports 5 SMEs each year to commercialise new digital health technologies, products and services on a global scale. It is currently backed by the Federal Government’s Medical Research Future Fund, alongside ANDHealth’s industry partners, and provides access to a pool of $3.75M in non-dilutive funding, alongside highly specialised and tailored project management, industry mentoring and support.
Importantly, it provides access to both non-dilutive capital and digital health specific investment expertise, which were recently flagged as the two largest impediments to the commercialisation of Australian evidence-based digital health technologies.
Ms Le Grice said: “Digital health companies were traditionally funnelled towards generalist ‘tech’ accelerators or more traditional medical devices focused programs. However, many of the approaches behind taking a ‘tech’ product to market directly conflict with the need for digital health companies to deliver clinical evidence before supplying their product to users.”
“ANDHealth’s programs are the only commercialisation programs designed specifically to support evidence-based digital health companies to successfully navigate the evolving digital health commercialisation pathway and to access national and international investors, customers and markets,” she said.
The Financial Review BOSS Most Innovative Companies award is now in its twelfth year of celebrating companies taking risks and finding new ways to add value. The list is highly competitive and attracts over 1000 nominations per year, with excellent representation from ASX 500 and mid-tier companies, and focuses on assessing innovation within 10 industry categories, allowing for industry-specific metrics.
In Australia, the digital and connected health sector is experiencing unprecedented growth, with the number of companies supported by ANDHealth growing at 178% year on year since June 2017.
Global data has also highlighted the significant potential role of technology in healthcare system transformation. In 2021, global investment into digital health reached US$57.2 billion (a 79% increase on the US$32 billion raised in 2020) and global digital health market has been predicted to reach US$1004B by 2031, up from US$216.7B in 2022.