A boost to the nation’s medtech footprint with strategic US partnership

MedTech & Diagnostics News: Minnesota has been a centre of health innovation for decades. The state houses the #1 hospital in the US, the Mayo Clinic, and #1 health technology cluster in the world, including Medtronic.

MTPConnect, Australia’s life science innovation accelerator, and Medical Alley, a leading medtech hub based in Minnesota, have formalised their ongoing collaboration to support the growth of medtech companies through the signing of a Memorandum of Understanding (MoU) at the 2024 MedTech Conference in Toronto, Canada.

The agreement was signed by MTPConnect CEO Stuart Dignam and Medical Alley President and CEO Roberta Dressen, further cementing the partnership between the two organisations.

Stuart Dignam emphasised the significance of the agreement, highlighting the opportunities it will create for Australian medtech innovators in the U.S. market.

“Medical Alley is deeply connected to Minnesota’s health industry, which our companies were able to see first-hand during our recent visit, and we are looking forward to opening further connections between the exciting innovations in our countries,” Dignam said.

Unravelling the roots of Medical Alley’s global healthcare movement, a recent Health Industry Hub podcast explored what compelled visionaries like Medtronic’s founder Earl Bakken to launch this initiative. As Medical Alley approaches its 40th anniversary, Dressen discussed the organisation’s goals and focus areas, detailing its mission in reshaping the healthcare landscape and driving transformative change.

With Medical Alley boasting a vast network of over 800 organisations, the interview explores the pivotal role it plays in supporting start-ups, including those from Australia. Dressen shared insights into what is crucial for fuelling a dynamic innovation ecosystem and discusses the lessons Australia can learn from Medical Alley’s approach.

MTPConnect’s Dignam continued, “Building on an already strong relationship, our two organisations will work together on activities like providing introductions and in-market support, exchanging information on key issues and trends, and supporting inbound and outbound missions.”

This MoU follows a two-day visit to Minneapolis-St Paul by Australian start-ups and small to medium enterprises (SMEs) as part of MTPConnect’s North America medtech mission. The visit provided valuable insights and connections within one of the world’s largest medtech clusters.

“It is fitting that we’ve signed this agreement at the MedTech Conference in Toronto, where we are leading a delegation of 18 Australian companies to showcase their innovations and build valuable pathways into international markets,” Dignam added.

Dressen echoed these sentiments, noting the importance of global partnerships in advancing health technology innovation.

“Medical Alley’s history with Australia dates back to the development of the pacemaker. This reaffirmed relationship sets the stage for enhanced collaboration between Australia and the Minnesota ecosystem for the development of new medical products to help patients live better, longer.”

He added, “Medical Alley looks forward to continuing to work closely with MTPConnect and the Australian medical technology community.”

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