Australia urged to join the growing MTP sector

According to a new report by CSIRO, medical technologies and pharmaceuticals (MTP) could add billions of dollars and thousands of jobs to the Australian economy within the next eight years.

The Medical Technologies and Pharmaceuticals Roadmap sets out a path for how Australia could become an important player in the MTP sector, which is expected to be worth almost $3 trillion globally by 2025. The roadmap was written in collaboration with industry, government and researchers.

“The Medical Technologies and Pharmaceuticals Roadmap shows how Australia can use excellent science to effectively navigate the challenges associated with an ageing population, while also capitalising on global opportunities,” said CSIRO Chief Executive Dr Larry Marshall.

The roadmap states that the MTP industry will serve as an important economic driver in the future as the sector grows rapidly across the globe due to ageing populations, unprecedented technological advancements and growing health sectors in the developing world. It outlines four main areas that Australia could capitalise on, based on global trends and our country’s existing advantages:

• Smart devices, implants and bionics.
• Accelerated pharmaceutical development.
• Manufacturing high-value pharmaceuticals.
• Diagnostics, informatics products and services.

The roadmap’s findings have been corroborated by MTPConnect, the Industry Innovation Growth Centre for the sector, which estimates in its Sector Competitiveness Plan that Australia could create an additional 28,000 jobs by 2025 and add an additional $18 billion to the economy, if the measures outlined in the roadmap were adopted.

“Australia is acknowledged as a world leader in the medtech, biotech and pharma sector due to our vibrant research environment,” said MTPConnect Chief Executive Sue MacLeman.

“It is now time for us to come together as a sector to harness our research capabilities, work to our strengths and produce an internationally renowned commercialisation ecosystem to secure the economic and physical health of our future generations.”

The roadmap can be downloaded from the CSIRO website.

Image credit: ©stock.adobe.com/au/Kenishirotie