A higher risk tolerance for investment in the ‘deep tech startup’ space and fragmentation across the sector must be addressed if Australian MedTech is to be taken seriously on the world stage according to a new MedTech Discussion Paper launched today.
The paper, launched by The Honourable Matt Kean MP, Minister for Innovation and Better Regulation, and authored by Dr Buzz Palmer and Dr Vishaal Kishore of The Actuator – Australia’s National MedTech Accelerator, highlights the societal and economic imperative across Australia to address fundamental challenges stifling innovation in the local healthcare environment.
Minister Kean said there are more than 500 MedTech companies in Australia who employ almost 20,000 workers, and have a combined annual turnover of more than $10 billion.
“Innovation-led growth in every sector of the NSW economy is in the hands of businesses, non-government organisations, research institutions, citizens, and government,” he said.
“This MedTech Discussion Paper is a wonderful contribution to the innovation ecosystem that brings so many benefits to both our economy and our citizens.”
Key themes from the paper send a strong message to policy makers, industry and the healthcare community to remove the barriers to innovation:
- On the back foot in deep technology;
- Time-to-market and value capture;
- Low multinational ecosystem investment;
- Low risk tolerance;
- Dated regulatory frameworks and tired policy approaches.
The paper warns that while these barriers can be overcome, there is a collective obligation across all stakeholders to foster and create an ecosystem in which innovation may thrive. The potential pay-offs are high growth for medical technology in Australia translating to benefits for our economy and most importantly improved local outcomes in healthcare.
“As a nation, Australia is amongst the global best in terms of research capability and capacity to explore and create early-innovative healthcare solutions. To capitalise on this, Australia needs to collectively pull together resources, consolidate expertise across borders and de-silo the system to enable the country to truly benefit from its – relatively untapped but outstanding – potential in MedTech,” says Dr Buzz Palmer, CEO of The Actuator.
Follow this link to view the MedTech discussion paper.
For more information or to arrange an interview with Dr Buzz Palmer, Chief Executive Officer of The Actuator please contact: Kaushalya Gunatilaka, firstname.lastname@example.org or +61 404 255 715.