Introduction.
MEDTEQ is a Canadian organization, established in 2005 and based in Montreal, that focuses on the commercialization of medical technologies. Its goal is to develop innovative products, services and processes related to the medical sector that can be brought to market.
The organization works with multiple partners across the country including universities, research institutes and private industry which contributes to its success. MEDTEQ also provides funding for businesses related to medical technology development as well as offering a range of other services such as talent recruitment, intellectual property protection and product commercialization.
Due to their dedication and commitment to helping advance medical technology within Canada, MEDTEQ has been awarded numerous awards over the years from organizations such as “Canada’s Top 100” by Maclean’s Magazine and The Globe & Mail’s “Startup 50”.
Official Statement by the Government of Canada.
The Government of Canada is committed to investing in companies that develop groundbreaking technologies and innovative solutions that benefit Canadians, especially seniors, and enable them to take care of their health as well as maintain their independence and lifestyle.
Today, the Honourable Jean-Yves Duclos, Minister of Health, on behalf of the Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, announced an investment of $47 million through the Strategic Innovation Fund to support MEDTEQ+’s $154 million envisAGE Network, established with network co-lead AGE-WELL (a national network that develops technology and services for healthy aging).
This contribution will bring together industry, health experts and investors to launch up to 100 projects to scale up and commercialize technologies, developed by small and medium-sized enterprises (SME), that are ready for national and global market adoption.
The Canadian population aged 65 and older is expected to double between 2009 and 2036. MEDTEQ+, in partnership with AGE-WELL, will collaborate in advancing Canada’s AgeTech ecosystem by developing, validating and demonstrating technologies to help seniors and their caregivers succeed when facing challenges related to aging in place.
Technological innovations include digital health technologies and artificial intelligence enabling remote patient monitoring, data analysis and connections to health care providers through telehealth and virtual medicine.
MEDTEQ+’s and AGE-WELL’s goal is to accelerate the innovation of Canadian medical technologies and promote the creation and development of new technologies. Through the envisAGE Network, MEDTEQ+’s and AGE-WELL’s priorities will be to fund projects focusing on seniors’ autonomy, cognitive health, healthy lifestyle and connectivity. envisAGE aims to create 500 new jobs, support SMEs and secure new investments in companies in this field.
Quotes.
“Today’s investment will help lead to the creation of new Canadian technologies that will bring significant benefits to our seniors and their families. These technologies will offer seniors the tools they need to take care of their health and maintain their independence and lifestyle later in life. Through this investment, MEDTEQ+, in partnership with AGE-WELL, will bring together investors, companies and other experts to help reduce health care costs, while also allowing Canadians to stay where they are most comfortable—at home.”
– The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry
“Canadians want to age closer to home and family. To do so, they should have access to the safe, quality health care they need and deserve. Initiatives such as MEDTEQ+ that use technology will not only help Canadians age at home but they will also improve health care services for our aging populations through health data and digital health.”
– The Honourable Jean-Yves Duclos, Minister of Health
“The Government of Canada is committed to supporting seniors who wish to age in place for as long as they can while receiving the care they need. Our investment in MEDTEQ+ will support new projects and technologies that will directly help seniors and their caregivers to work through the challenges of aging-in-place. Seniors deserve to live in dignity and this investment aligns with our efforts to give seniors the care they deserve while aging at home.”
– The Honourable Kamal Khera, Minister of Seniors
“MEDTEQ+ is proud to lead this audacious initiative that will mobilize our strong technological, social and entrepreneurial pool of talents to address the challenge of aging in Canada and around the world. We understand the relevance and pressing need to support the adoption of high-impact solutions in improving the quality of life of older adults through the innovations of 100 SMEs bound for international markets. Together with AGE-WELL, our vision for the envisAGE Network is to help transform our way of aging and become a source of economic and social benefits of international significance.”
– Diane Côté, Chief Executive Officer, MEDTEQ+
“AGE-WELL is pleased to be co-leading the envisAGE Network with MEDTEQ+. This initiative will help Canadian companies grow, scale their enterprises and get their products more quickly into people’s hands. The investment announced today will advance Canada’s AgeTech innovation ecosystem by supporting the commercialization and adoption of technologies. AGE-WELL will continue to advocate for support for cutting-edge research that feeds the innovation pipeline, ensuring that this AgeTech ecosystem will thrive for years to come.”
– Dr. Alex Mihailidis, Scientific Director and Chief Executive Officer, AGE-WELL
Quick facts.
- MEDTEQ+ is a not-for-profit organization located in Montréal, Quebec, and was established in 2010 with the mandate to accelerate the development of innovative Canadian health care technologies.
- AGE-WELL is a not-for-profit pan-Canadian network dedicated to the development and delivery of technologies, services, policies and practices that benefit older adults and caregivers.
- The envisAGE Network will create a national aging innovation ecosystem to improve Canada’s competitiveness and support industry partners as they commercialize new technologies supporting the aging population and its caregivers.
- The envisAGE Network already receives financial support from over 90 organizations across six provinces pledging $85 million, and it will increase its membership to more than 400 organizations over the next six years.
Sources: THX News, Canadian Government, MEDTEQ+, Age Well & Strategic Innovation Fund.
