MELBOURNE, Australia--(BUSINESS WIRE)--MTPConnect – The Medical Technologies and Pharmaceuticals Industry Growth Centre – today launched its Draft Sector Competitiveness Plan (Draft SCP), a 10-year strategic plan to boost the innovation, productivity and competitiveness of Australia’s medical technology, biotechnology, and pharmaceutical (MTP) sector.
By vigorously tackling barriers to success, through traditional and non-traditional means, MTPConnect is charged with driving the sector to new heights in the global market. The draft plan, created in consultation with the sector, identifies priority areas for growth and importantly, outlines how to achieve it.
Sue MacLeman, CEO and Managing Director of MTPConnect, said, “Growth of the Australian economy in the 21st Century will depend on our ability to develop high-skill, value-adding industries that can compete in the global marketplace. While we’ve had some great success stories of companies making it onto the global stage, we still have a lot of work to do, particularly in later stage product development and commercialisation. We need to build on our achievements and collaborate further to translate our good ideas into marketable products.
“By addressing the key issue of information exchange, along with well-known barriers – including policy and regulatory impediments – MTPConnect will help to create a more productive commercialisation environment, solve some of Australia’s own healthcare issues, and transform a lot of small companies into more mature companies that are stable and successful.”
MTPConnect’s Draft SCP has identified seven ‘Sector Growth Priorities’, each addressing specific elements of the MTP value chain. They are:
- Identify and promote Knowledge Priorities focused on current and future market needs
- Create a highly productive commercialisation environment from research to early clinical trials and proof-of-concept
- Transform the SME sub-sector to support the growth of smaller companies into larger, more stable and successful companies
- Support the development of digitally enabled MTP solutions: devices and data analytics
- Strengthen Australia as an attractive clinical trial research destination
- Position Australia as the preferred partner for emerging Asian markets
- Support advanced manufacturing as a part of the broader Australian innovation ecosystem
For more information, you can download the Draft SCP at http://www.mtpconnect-scp.org/. MTPConnect is holding stakeholder discussion and seeking feedback on the Draft SCP through a series of events, with the view of presenting its final Sector Competitiveness Plan in Q4, 2016.
The size of Australia’s MTP sector
The MTP sector is a significant contributor to the Australian economy, generating approximately $4.4 billion in gross economic value added (4.5% of Australia’s total manufacturing gross value added),i $4.0 billion in annual exports from manufacturingii and employing 48,000 people across medtech (c.10,000), biotechnology, and pharmaceuticals (c.22,000),iii and health and medical research (c.16,000).iv
MTPConnect was formed as a not-for-profit organisation in November 2015 as part of the federal government’s $248 million Industry Growth Centres Initiative to accelerate the rate of growth of the MTP sector to achieve greater commercialisation and establish Australia as an Asia-Pacific hub for MTP companies.
MTPConnect is an independent and trusted voice, calling for change to support the sector. It fosters collaboration and competition, aggregates existing knowledge and shares it with the broader sector. Finally, it jointly funds projects that address the Sector Growth Priorities and the constraints and gaps identified in the sector.
The MTPConnect Head Office is located at the New Horizons Building at Monash University, co-located with CSIRO and industry. There are also key hubs at the University of Sydney’s Institute of Biomedical Engineering and Technology and the Medical Device Research Institute at Flinders University at Tonsley in Adelaide.
i CY2015. Australian National Account – ABS 5206; ABS
8155 (for apportions) and ABS Census data (for apportions); L.E.K.
analysis. Includes ANZSIC codes 1841, 2411 and 2412. The percentage has
been calculated based on manufacturing as the ANZSIC codes for the MTP
sector fall within the broader manufacturing sector of the economy
ii FY2015. ABS 5368; L.E.K. analysis. Includes Standard International Trade Codes 541, 542, 872 and 884
iii Department of Industry, Innovation and Science supplied ABS data; ABS census data; L.E.K. analysis. ANZSIC Codes 1841, 2411 and 2412 are included
iv c.8,000 in the university sector - NHMRC and Excellence in Research data, L.E.K. analysis; and c.8,000 working in medical research institutes (MRIs) and other medical research centres – AAMRI Enhancing the commercialisation outcomes of health & medical research, 2012