PERTH, Western Australia, 13th February 2024: Perth based medical device company VeinTech is excited to announce it has secured $1,745,362 from the Federal Government’s Department of Industry, Science and Resources to continue commercializing its innovative vein finding technology. The product is expected to improve experience for both patients and clinicians by reducing the rate of failed cannulation insertion attempts, saving time, cost and stress associated with this common procedure.
Dr Nikhilesh Bappoo, Co-Founder and Director of VeinTech welcomed the recognition of outstanding Western Australian medical science and innovation by the Albanese Government and Hon Ed Husic MP, Minister for Industry and Science. “We are so fortunate to receive this support which will allow us to establish an industry-led collaborative Australian Ultrasound Consortium to deliver our novel medical device helping clinicians better visualize veins for cannulation.”
“Our goal is to deliver our Australian-developed technology locally and produce net benefits for patients, improve productivity of the medical workforce and reduce burden on our healthcare system, all whilst building capacity in National Reconstruction Fund priority areas. We’re excited to show what the MedTech industry in Australia can provide – not just in better health outcomes, but also diversification of the economy” says Dr Bappoo.
“These are practical benefits that help our whole community, creating new business opportunities and secure, well-paid jobs in the process.” says Hon Ed Husic, Minister for Industry and Science in a media release made on 12th February 2024, announcing the outcomes of CRC-P round 15 successful applicants.
Inserting a peripheral intravenous catheter (PIVC) – or cannula – is one of the most common procedures performed in hospitals, with approximately 1 billion cannulas placed yearly globally. The Australian Commission for Safety and Quality in Health Care reports that first insertion attempts fail in up to 40% of adults, and in up to 65% of children leading to poorer outcomes, poorer healthcare satisfaction, reduced efficiency and increased costs.
“Having worked in Western Australian hospitals for the past 20 years, it’s always baffled me why we are still just stabbing around in the dark most of the time. It’s not just the pain that is the problem, each missed cannulation attempt delays time-critical treatment and costs the Australian healthcare system hundreds of millions annually.” says Dr Katherine Arenson, VeinTech’s Co-Founder, Director and Chief Medical Officer.
Mr Nicholas Buckley, Co-Founder and Director, is thrilled by the funding support to further grow the team and begin preparations for market access. “The project will deliver a commercially manufacturable medical device, generate clinical validation evidence for regulatory clearance, and increase Australia’s MedTech sovereign manufacturing capabilities. It will also give us additional runway and help us attract investment ahead of our next capital raise.”
The CRC-P total project cost is approximately $4.2M and therefore VeinTech and its project collaborators including Design + Industry, RMIT University, Curtin University and South Metropolitan Health Services, will make cash, salary and in-kind contributions towards the remaining $2.5M of project costs to complete research and development, product finalization, manufacturing and validation studies.
