The new national headquarters of the innovative national MedTech Actuator program will be located in Melbourne.

This will reinforce Victoria’s global reputation for cutting-edge innovation in medical technology and provide medical technology startups with strong financial support.

The medtech accelerator program will offer up to 40 startups a year up to A$2.7 million in funding over 15 months programs.

Together with Federal R&D tax incentives, this means startups could access nearly A$4 million to bring their discoveries to market with the aim of progressing to clinical trials, new investments and potentially manufacturing.

This will drive more advanced manufacturing jobs and investment and increase Victoria’s global competitiveness.

It will also increase Victoria’s share of a global medical technology market that is expected to grow by 5 per cent per annum to over A$500 billion by 2022.

The medtech and pharma sector has been identified by the Victorian Government as a key growth industry of the future.

It works to help grow the sector by targeted investments through the Future Industries Fund.

Support for Victoria’s entrepreneurs also comes through the A$60 million LaunchVic fund which is aiming to position the state as the number one tech destination in the Asia Pacific.

The Medtech Actuator announcement comes as Melbourne hosts Medtech's Got Talent, Australia's largest medtech startup competition. The winners  will be announced at the National Finals tonight.