A centre for medical innovation
With top research institutions and fast-growing medical and pharmaceutical industries, NSW is leading the way in creating a healthier future.
Not only does our state benefit from experienced talent and established supply chains in the development of medical devices, but it also has a reputation for medical innovation.
Australia may be a world leader in the MedTech sector due to its vibrant research environment but NSW’s capacity in the field is outstanding with the state being home to the largest medical technology sector in Australia, with 37% of the nation’s MedTech companies in the state.
The world’s first electronic heart pacemaker, bionic ear and spray on skin for burn victims were all created in NSW.
Quick facts: NSW MedTech sector
- The state’s MedTech sector employs around 7,000 people and has a reputation for creating quality products. It also makes a substantial contribution to the Australian economy supporting an additional 14,000 jobs across nearly 3,000 businesses. The sector generates $12.7 billion in revenue per year.
- Between 2001 and 2012, NSW’s medical technology industry produced 1,200 patents compared to 504 in Victoria and 291 in Queensland.
- The state is home to a range of medical innovation precincts such as Macquarie Park Innovation District and Westmead. Macquarie Park alone hosts 180 large life science, technology and digital businesses and 200 small businesses.
- More than $3.4 billion of public and private funding has been committed to rebuilding Westmead over the next decade. Investment in Westmead’s growth and development will stimulate the creation of new, knowledge-based, jobs and industries in Western Sydney, providing significant opportunities for investors.
- Australia’s MedTech industry enjoys both a strong regulatory environment and government support. The Australian Government recently announced a $1.3 billion health and medical research growth plan as a part of its 2018 budget.
Supporting MedTech businesses
The NSW Government, education providers and private industry actively support and help nurture MedTech businesses through the following.
- Once established in Australia, you may be eligible to join the NSW Medical Technology Knowledge Hub. The hub focuses on commercialising research investments throughout the entire product lifecycle.
- The NSW Medical Devices Fund is an $8.2 million per annum, competitive technology and commercialisation program funded by the NSW Government, through the NSW Ministry of Health.
- The NSW Medical Device Commercialisation Training Program is a career development opportunity that focuses on medical device development and commercialisation.
- The NSW Government invested $12 million in creating the NSW Health Statewide Biobank. This establishment supports world-class health and medical research across the state. Breakthroughs in cancer, diabetes, heart disease and rare genetic diseases at this state-of-the-art facility will revolutionise research efforts and complement the work of business.
Current investment opportunities in MedTech
The Sydney and NSW MedTech sector provides a range of opportunities driven by the following local and global trends.
- An ageing population. The percentage of Australia’s population aged over 65 doubled between 1964 and 2014, from 8% to 16%. Forecasts suggest this group will continue to grow in absolute and relative terms. Demand for medical technology will increase as our population ages.
- Rising incomes throughout Asia. NSW’s economy is connected to the Asia Pacific. Increasing private wealth and public healthcare programs are forecast to boost the Asia Pacific region’s healthcare spending by an annual average of 6.6% until 2019. The most significant spend increases are expected in India and China.
- Growth in innovative products. Significant public and private investment in research and development have created a strong pipeline of innovative products. In 2013-14, Australia invested $5.5 billion in health and medicine research.
As an established Australian business, you can take advantage of the many clinical trial opportunities and grants NSW offers. Australia’s clinical practice regulatory and governance requirements are in-line with those of the United States, European Union and Japan. So, clinical data produced in these jurisdictions can often apply in Australia too.
Find out more about trials and grants at the NSW Health website.
Find your opportunities in new medical technologies in Regional NSW.
Find out more about the opportunities within the MedTech sector in Sydney and NSW — talk to the NSW Investment Concierge today.