Marking World Parkinson’s Day, the Turnbull Government’s Biomedical Translation Fund (BTF), is investing $7.75 million to help Global Kinetics Corporation continue to develop their world leading technology to help Parkinson’s sufferers self-manage their disease and therapy requirements.
The technology, the Parkinson’s KinetiGraph (PKG), is a wrist worn device that monitors symptoms and provides clinical reports to patients and their doctors to help plan routine care for Parkinson’s patients.
The device can also be programmed to remind the patient of their prescribed Parkinson's disease medication times, and to register that they’ve taken their medication.
The device, manufactured in Australia and exported to 17 countries including the US, has delivered over 25,000 PKG patient reports to date.
Minister for Health Greg Hunt said the investment would also help to accelerate the development of other life changing health technologies.
“The companies receiving BTF investments are modern day pioneers bringing hope to Australians suffering with diseases, disorders and allergies,” Minister Hunt said.
“Our biomedical industry is expanding, and businesses like Global Kinetics put Australia on the world stage.
“I look forward to seeing more of their products helping to improve the lives of Australians, and people around the world in the future.”
Minister for Jobs and Innovation, Michaelia Cash said the fund was an example of Australian Government and industry jointly funding advanced medical technologies to deliver long-term benefits for patients and the nation.
“The BTF is helping innovative Australian companies, like Global Kinetics Corporation, achieve global commercial success,” Minister Cash said.
“This investment will assist the company to expand their Australian operations and grow their presence in the US in particular, which is the world’s largest market for pharmaceutical and medical devices.
“This not only brings benefits to patients around the world, but creates jobs and stimulates further investment and innovation on home soil.”
The $500 million BTF is part of the Turnbull Government’s National Innovation and Science Agenda.
It is managed by three private sector fund managers who make investments in Australian biomedical ideas with great potential for commercialisation, which leads to economic growth and job creation.
Further information on the BTF: https://www.business.gov.au/assistance/venture-capital/biomedical-translation-fund