As the population ages in Canada and elsewhere, the need for advanced medical technology grows worldwide. Canada has made some important strides in this field and, thanks that government grants, private companies in Ontario will now have an easier time sharing their technologies and products with the rest of the world.
The New Horizons for Medtech (NHM) program is designed for Ontario medical device and advanced health technology companies that are pursuing export opportunities in the Medical Technology industry. NHM receives support from Canada’s Medical Technologies Companies (MEDEC), Canadian MedTech Manufacturers’ Alliance (CMMA), and the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The program has been in effect since January 2013 and is still receiving applications at the time of this writing.
Small and medium enterprises (SMEs)that are eligible for funding for small business offered by NHM may choose to take advantage of the program’s eligible costs to support a variety of marketing-related activities, incoming & outgoing missions, focus groups, product testing, and legal-related activities such as facility certification & patent searches prior to entering new export markets. The NHM small business government grants Ontario program also covers consulting fees associated with developing new marketing plans for targeting a new export region, conducting market assessments, and/or performing competitive analysis.
The NHM Ontario business grants program has already helped many small and medium-sized Ontario businesses during its short history. Here are just a few of the success stories to date.
An Ottawa manufacturer and marketer of patented mobility training equipment received a $20,000 government grant to help its efforts in gathering research and making efforts to bring its life-changing products to market.
Another Ottawa-based leading bioscience SME received a $22,000 government grant to support its DNA testing system. For the first time, healthcare providers will now be able to provide their patients with DNA results on demand.
A Mississauga, Ontario-based medical device manufacturing company also received a government small business grant from NHM. The grant valued at $30,000 will support this firm’s line of medical products.
Do you qualify for the government grant? If your Ontario medical/healthcare based business has more than 10 full-time employees and has been incorporated for at least 2 years, Canadian government funding opportunities may exist for you.
Sarah Babin contributed to this article.