More research is being conducted by Ontario’s Medical Technology Sector through Canada’s new business funding grants. The Health Technology Commercialization Program (HTCP) is a Canadian government funding program that is administered by The Health Technology Exchange (HTX) and the Ministry of Research and Innovation (MRI). The HTX received 14.2M in funds to distribute business funding grants and loans that support Medtech partnership projects for the research, development, and commercialization of new medical products and technologies in Ontario.
The Ontario Flagship Program
The HTCP is comprised of 4 separate Canadian government funding programs; three are open for applications from Canadian small-medium size enterprises (SMEs) and one is open for applications from Multinational Corporations (MNEs). The only program that is currently open for submissions is the Ontario Flagship Program (OFP). Applicants for this Canadian business grant must be a MNE; however, SMEs and public organizations could also receive funding through partnership agreements with the MNEs. Typical projects range from $1.5M to $15M and span over 5 years. The HTX will cover up to 15% of the total project expenditures through performance-based grants or loans. The intentions of these funds are to promote R&D projects within Ontario and expand the export markets for Ontario’s Medical Technologies.
Eligibility for Research and Development Funding
Eligible projects must clearly align with the goals and objectives of the HTX program and apply to one of the market segments within the medical technology industry. Those who are considered eligible must be a multinational corporation with either current operations or intentions to operate within Ontario in the near future. They must also have a partnering organization that could include an academic institution, SME, or healthcare organization; these do not have to be based in Ontario. This Ontario Government funding program may have the potential to be stacked with other Canadian government funding and financing programs from Federal agencies. These might include:
- SR&ED Tax Credit
- IRAP – Accelerated Review Process
- NSERC – Strategic Network Grants
- DFAIT – Going Global Innovation
These programs may not be applicable to all of the project’s participants and eligibility would have to be further discussed with representatives from the participating funding agencies.
Canadian Government Funding Assistance
The Ontario Flagship Program has a rolling admission. Applicants must develop a detailed business plan for the project and they are recommended to do so with the guidance of a HTX representative. Project costs that are incurred before the application process will not be considered eligible. For more information on the Canadian Government Funding Grants mentioned in today’s article, please contact one of our Canadian Government Funding Experts or follow us on Twitter and subscribe to our E-Newsletter.