With support from the Government of Canada, Innovation Factory launches the Canadian Medtech Alliance (CAMEDA) program.
HAMILTON, ON (October 20, 2023) – Today, the Honourable Filomena Tassi, Minister for the Federal Economic Development Agency for Southern Ontario (FedDev Ontario), visited with Hamilton’s business accelerator, Innovation Factory to celebrate the launch of the Canadian Medtech Alliance (CAMEDA) program. This program will help accelerate the commercialization of medical device innovations in southern Ontario, through a partnership with the accelerator and a total Government of Canada investment of over $7 million through FedDev Ontario, which includes $1 million for the CAMEDA program.
“Congratulations to Innovation Factory on the launch of the Canadian Medtech Alliance Program. By fostering collaboration and ensuring our businesses in the life sciences sector have access to the support they need, you are strengthening the industry and driving this critical sector forward. The Government of Canada is committed to supporting projects like this by investing in the people right here in our communities, so they can reach their potential and turn possibilities into realities,” stated the Honourable Filomena Tassi, Minister responsible for FedDev Ontario.
The funding program is designed to create connections between Ontario-based medtech companies and specialized Contract Development and Manufacturing Organizations (CDMOs), provide a forum to access expertise and facilities, and build up domestic manufacturing capabilities. The program brings together key regional stakeholders who are committed to further strengthening the regional life science ecosystem, including Cortex Design, Inertia Product Development, Ironstone Product Development, Linamar iHub, MegaLab Group, Microart Services, and McMaster Manufacturing Research Institute (MMRI).
CAMEDA addresses a critical commercialization hurdle for medtech innovators, enabling them to advance their regulatory approvals, conduct clinical trials, and undertake initial batch manufacturing by facilitating funding and access to leading Ontario CDMOs who have specialized expertise in the medtech and medical device space. Delivered in collaboration with the Synapse Life Science Consortium, CAMEDA brings together Innovation Factory’s commercialization services with the Consortium’s strategic network to also offer participants access to business expertise and resources, as well as the capabilities of Canada’s leading health innovation ecosystem.
David Carter, CEO of Innovation Factory, shared his excitement for the launch of CAMEDA, stating, “The establishment of the Canadian Medtech Alliance marks a significant milestone in fostering collaboration and innovation within Ontario’s medtech ecosystem. We are confident that CAMEDA will serve as a launch pad for innovative solutions; attracting investments, creating job opportunities, and assisting in positioning Hamilton as a leader in supporting medical technology.”
The launch of the CAMEDA program is a direct result of the success of the Southern Ontario Pharmaceutical & Health Innovation Ecosystem (SOPHIE) program, which launched in 2021 with the support of the Government of Canada through FedDev Ontario. The SOPHIE program supports high-potential life science companies to undertake a commercialization project with partner hospitals and academic institutions across Hamilton. The program has support 48 commercialization projects and enable $8.1 million in commercialization investment.
The Canadian Medtech Alliance (CAMEDA) program underscores Innovation Factory’s commitment to supporting Ontario life science companies and cultivating a thriving ecosystem that delivers transformative healthcare solutions to improve the lives of patients.
For more information about CAMEDA, please visit our website.
About Innovation Factory
Innovation Factory is a not-for-profit business accelerator, serving as the catalyst for technology innovation in the greater Hamilton area since 2010. Innovation Factory provides business services, training, mentorship, and strategic connections to drive market adoption, leverage intellectual property, and increase revenues, investment, and jobs. Innovators can also access sector-specific resources including exclusive smart transportation test environments and data; and a formal life science and health innovation ecosystem.
www.innovationfactory.ca
About FedDev Ontario
For 14 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada’s most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario’s Twitter, Facebook, Instagram and LinkedIn.
Media Contacts:
Annie Horton, Marketing Lead
Innovation Factory
905-667-2611
[email protected]
Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario
[email protected]
