The State of Maryland understands the urgent need and a compelling business case to develop new healthcare technologies and services. As a result, the BioMaryland Center www.bio.maryland.gov in partnership with the Department of Health and Mental Hygiene http://dhmh.maryland.gov (DHMH), and the Center for Medical Technology Policy www.cmtpnet.org (CMTP), is mounting a $1 Million Challenge to fund projects totaling $50,000 to $200,000 that will focus on breakthrough innovations.
An expert panel and representatives from the Bio Maryland Center, DHMH, and CMTP will recommend the projects to be funded. The three organizations will also provide ongoing advice and support to the teams whose projects are selected for funding. This will help Challenge winners address technical, scientific, regulatory, and reimbursement issues that may be encountered during the development process.
Preference is given to projects with Maryland-based collaborations, leveraged funds, previous funding from another state program, and strong potential economic impact for the state. Priority will be given to those that are close to commercialization or in situations where the award will contribute to a milestone critical to achieving a round of financing.
It is anticipated that this program will be expanded in size and scope in the future, depending on the experience with the initial group of funded projects. October 1, 2014 is the deadline to apply for this round of Biotechnology Development awards.