Investment in MEDTEQ+ to fund new technologies

QUÉBEC CITY – The government of Canada announced an investment of $47 million through the Strategic Innovation Fund to support MEDTEQ+’s $154 million envisAGE Network, established with network co-lead AGE-WELL – a national network that develops technology and services for healthy aging.

This contribution will bring together industry, health experts and investors to launch up to 100 projects to scale up and commercialize technologies, developed by small and medium-sized enterprises (SME), that are ready for national and global market adoption.

“The government of Canada is committed to supporting seniors who wish to age in place for as long as they can while receiving the care they need,” said Kamal Khera (pictured), minister of seniors. “Our investment in MEDTEQ+ will support new projects and technologies that will directly help seniors and their caregivers to work through the challenges of aging-in-place. Seniors deserve to live in dignity and this investment aligns with our efforts to give seniors the care they deserve while aging at home.”

The Canadian population aged 65 and older is expected to double between 2009 and 2036. MEDTEQ+, in partnership with AGE-WELL, will collaborate in advancing Canada’s AgeTech ecosystem by developing, validating and demonstrating technologies to help seniors and their caregivers succeed when facing challenges related to aging in place.

Technological innovations include digital health technologies and artificial intelligence enabling remote patient monitoring, data analysis and connections to health care providers through telehealth and virtual medicine.

MEDTEQ+’s and AGE-WELL’s goal is to accelerate the innovation of Canadian medical technologies and promote the creation and development of new technologies. Through the envisAGE Network, MEDTEQ+’s and AGE-WELL’s priorities will be to fund projects focusing on seniors’ autonomy, cognitive health, healthy lifestyle and connectivity. envisAGE aims to create 500 new jobs, support SMEs and secure new investments in companies in this field.

“Canadians want to age closer to home and family,” said Jean-Yves Duclos, Quebec’s minister of health. “To do so, they should have access to the safe, quality healthcare they need and deserve. Initiatives such as MEDTEQ+ that use technology will not only help Canadians age at home, but they will also improve healthcare services for our aging populations through health data and digital health.”

About MEDTEQ+
MEDTEQ+ is a not-for-profit organization located in Montréal, Quebec, and was established in 2010 with the mandate to accelerate the development of innovative Canadian healthcare technologies.

About AGE-WELL
AGE-WELL is a not-for-profit pan-Canadian network dedicated to the development and delivery of technologies, services, policies and practices that benefit older adults and caregivers.

About The envisAGE Network
The envisAGE Network will create a national aging innovation ecosystem to improve Canada’s competitiveness and support industry partners as they commercialize new technologies supporting the aging population and its caregivers. It already receives financial support from over 90 organizations across six provinces pledging $85 million, and it will increase its membership to more than 400 organizations over the next six years.

SOURCE: Innovation, Science and Economic Development Canada