Strong growth reported for Australia's medtech sector
MTPConnect — the Medical Technology, Biotechnology, and Pharmaceutical (MTP) Industry Growth Centre — has revealed that Australian jobs supported by the MTP sector increased by 10% from 2015 to 2016, while manufacturing exports increased by 30%.
The news came as MTPConnect released its updated suite of sector metrics, building on those reported in its Sector Competitiveness Plan, to provide a benchmark for the ongoing measurement and tracking of the performance of the Australian MTP sector. The federal government has identified the sector as one of six priority areas where Australia could lead the world.
The data was sourced by MTPConnect from the Australian Bureau of Statistics (ABS), highlighting the progress the local MTP sector has made to maintain and extend its world-class standing in recent years. MTPConnect sits at the nexus of the sector, driving collaboration, acting as an independent voice for change and funding big, bold ideas to accelerate growth and drive greater commercialisation opportunities.
Jobs in the MTP sector are apparently at their highest level since 2011, with 62,109 jobs (17,700 industry jobs in medtech, 21,700 industry jobs in pharma and 22,650 research jobs) supported by the MTP sector in 2016, showing growth of 5720 industry employees since 2015. Manufacturing exports are also on the rise, with strong growth reaching $5.2 billion in 2016, following declines between 2012 and 2015. The combined MTP sector is the 10th largest export by value in Australia, maintaining its position in the top 10.
“We’re delighted to share new data that reveals the immense positive impact the MTP sector makes to Australia’s healthcare and economic future,” said Sue MacLeman, MD and CEO of MTPConnect. “The MTP sector today continues to be a significant contributor to the Australian economy, creating new jobs and increasing export revenue. This growth is set to continue, especially with the recent rapid growth in medicinal and pharmaceutical product exports, combined with steady growth in medical device exports.
“Clinical trials are at the fore, with approximately 1360 new clinical trials starting in Australia in 2015, driven by the quality of our research infrastructure and output, our medical experts and financial incentives that support cost competitiveness such as the R&D Tax Incentive. The Medical Research Future Fund and Biomedical Translation Fund will result in significant increases in grants, co-investment funds and capital equity from 2017, with c. $250 million in funds already allocated.
“It is an honour to work with such an important and mobilised sector that has seized opportunities to collaboratively and creatively address national sector gaps and constraints. We look forward to driving further discussion and focus in the sector on priority areas shaping the future in which Australia can excel, such as precision medicine, 3D printing and digital health evolution.”
For more on MTPConnect’s highlights and metrics, visit https://www.mtpconnect.org.au/annualhighlights.
A locally developed molecule called an 'i-body' serves as a powerful inhibitor of...
The MRCF has announced a $7 mllion investment in Cincera Therapeutics, a biotech company seeking...
Injecting mice with iPSCs launched a strong immune response against breast, lung and skin...