EU Approves EUR403 Million in Funding for Medical Device Innovation

The European Commission has approved up to €403 million in funding for 10 small and medium-sized companies to boost medical device innovation. The funding is expected to unlock an additional €826 million in private investments, creating around 800 jobs and introducing new digital and AI features in medical devices.

The European Commission has approved up to €403 million in state aid to support 10 small and medium-sized enterprises (SMEs) in developing innovative medical devices. The funding is part of the IPCEI Tech4Cure project, which aims to introduce novel digital and artificial intelligence (AI) features into medical devices. This initiative is expected to unlock an additional €826 million in private investments, creating around 800 jobs and contributing to the development of predictive, preventive, and personalized medicine.

The IPCEI Tech4Cure project, jointly notified by France, Hungary, Italy, Slovakia, and Slovenia, focuses on creating innovative medical devices with advanced digital and AI solutions. The project is designed to overcome market failures and encourage collaborative research and innovation. The funding will be used for highly innovative research and development projects and the first industrial deployment of these technologies.

The Commission's approval of the project is based on its potential to achieve several EU objectives, including a greener, more secure, and resilient economy, as well as a more accessible healthcare system. The project is expected to generate significant spillover effects throughout Europe by sharing results with the European scientific community and industry.

The funding will be allocated to 10 companies, six of which are SMEs, and will involve over 70 planned collaborations with other partners in the IPCEI ecosystem. The project is expected to be completed by 2036, with timelines varying depending on the individual projects and companies involved.

The Commission's decision to approve the project is in line with its 2021 Communication on Important Projects of Common European Interest (IPCEI Communication), which aims to support highly innovative projects that contribute to economic growth, jobs, and competitiveness in the EU.

References:
[1] https://www.miragenews.com/eu-greenlights-e403m-state-aid-for-key-health-1500856/
[2] https://www.nasdaq.com/articles/european-commission-grants-marketing-authorization-autolus-therapeutics-aucatzylr