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Quebec Consortium for Industrial Research and Innovation in Medical Technology - MEDTEQ+

$19.5 million for 2018-24
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Quebec Consortium for Industrial Research and Innovation in Medical Technology

Headquarters
Montréal, Quebec

President and CEO
Annie-Kim GilbertAnnie-Kim Gilbert

Board chair
François BastienFrançois Bastien

The opportunity

More than ever, the patient is playing a central role in health care. Better informed, engaged in prevention and wellness, with needs that are more and more precise, they are now at the heart of open innovation, collaborative research and converging sciences. As one of the leading high-tech industries in the world, healthcare is in need of novel solutions and a personalized consumer approach. In order to respond to this constant demand, the transfer of knowledge and expertise between multisector professionals needs to be catalyzed more than ever.

How MEDTEQ+ is seizing the opportunity

MEDTEQ+, Canada's pan-Canadian consortium for industrial research and innovation in medical technology and healthcare, has always supported the collaborative development of innovations that make the best use of new enabling technologies, which will ultimately improve the health and quality of life of patients. As a true powerhouse of artificial intelligence in the technology and healthcare fields, and with a keen understanding of the challenges that companies face in bringing their products to market, MEDTEQ+ can offer a privileged path for companies, facilitating the growth of their business within the industry.

Among the results

  • In 2022, the MEDTEQ+ consortium celebrated its 10th anniversary. Over the decade since it was launched, MEDTEQ+ has successfully positioned itself as a key player in the health technology sector in Canada. With its growing network of Canadian and international partners and its unique business model, MEDTEQ+ drives, accelerates and strengthens businesses in all areas of innovation in health technology and life sciences. Since 2012, the consortium has supported over 210 projects across Canada and enabled the implementation of 500 innovations in various health fields. By fostering the training of new talent and the creation of new jobs, MEDTEQ+ has supported 681 students and contributed to the hiring and retention of 1,800 professionals, thus securing the future of innovation in the health sector.
  • MEDTEQ Invest, MEDTEQ+’s investment fund, leverages its vibrant network of partners, including hospitals, service providers and multinationals, to provide growing companies with access to capital and to the clinical and marketing expertise needed to drive adoption of innovative technological solutions. This fund works hand in hand with co-investors in the health technology space to actively support pre-seed, seed and Series A companies. The MEDTEQ+ portfolio now includes over $124 million worth of investments in over 24 Canadian SMEs. With matching multiples ranging from 6x to 19x according to the province, MEDTEQ+’s presence as an investor stimulates other major co-investments, offering start-up businesses the opportunity to access new markets and achieve their growth objectives. In 2020, PwC Money Tree and White Star Capital recognized MEDTEQ Invest as one of the Top 5 Canadian public investment institutions.
  • The purpose of MEDTEQ+’s Beachhead™ initiative is to integrate clinical centres of excellence into a specialized network dedicated to the acceleration and adoption of new technologies and services in healthcare settings. As of 2023, the Beachhead™ network comprised 14 centres (including three outside of Canada), with 26 medical experts to guide and support companies in developing projects. Over 40 projects with a total value of $15 million have been completed, and many companies have benefited from the customized support provided by the Beachhead™ network. This innovative model has also inspired the development of other programs and services throughout Canada, such as the Réseau d’évaluation et de l’innovation en santé (REIS) piloted by MEDTEQ+ in Quebec.
  • Since December 2022, in response to the challenges of the aging population and in keeping with MEDTEQ+ ’s mission to support the health-technology sector, MEDTEQ+ and the AGE-WELL Network of Centres of Excellence have been co-directing envisAGE, a Canada-wide initiative to support the commercialization of AgeTech solutions to improve quality of life for seniors and their family caregivers. With $47 million in funding from the Government of Canada’s Strategic Innovation Fund, envisAGE aims to support over 100 projects over a five-year period.

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