Minnesota medical tech hub earns federal designation, in line to get millions in funding
A group of large Minnesota companies and Greater MSP Partnership have been chosen as one of the country’s 31 inaugural “tech hubs” for their plan to improve medical technology.
The U.S. Department of Commerce announced the tech hubs on Monday, including Minnesota MedTech 3.0.
The plan, which is led by Greater MSP Partnership, brings hospitals, researchers and medical manufacturers together in an effort to speed up innovation in the industry, create new jobs and, ultimately, improve health care. In particular, the goal is to integrate artificial intelligence, machine learning and data science into new medical technology.
The designation from the federal government means the plan is also in line to receive federal funding and the group can now apply for up to $75 million in grants to help implement the plan.
The Commerce Department launched the tech hub process in May, using $500 million in grants that came from the CHIPS and Science Act, passed by lawmakers last year to stimulate new technologies like artificial intelligence, quantum computing and biotech.
The MedTech 3.0 plan was one of more than tech hub applications submitted to the federal government, according to the White House.
“A diverse and powerful team of leaders and organizations came together this summer to create a plan to build the global future of medical technology here in Minneapolis-Saint Paul,” said GREATER MSP Partnership CEO Peter Frosch. “Our MedTech 3.0 plan will increase Minnesota’s competitiveness, America’s economic security and opportunity for residents across the entire Greater MSP region.”
Medtronic Chairman & CEO Geoff Martha called it “a tremendous opportunity for Minnesota.”
Wisconsin Biohealth Tech Hub also was named a designee and received a strategy development grant.