MedTech industry partner in R&D and investment in NSW
The translation of research into economic benefits cannot be achieved without industry partners according to the Medical Technology Association of Australia (MTAA). In its submission to the NSW Health and Medical Strategic Review, MTAA is calling for a collaborative approach and government support for commercialisation and manufacturing.
“Without inclusion of industry as a partner there cannot be the economic returns to the State. The medical technology industry is one of the few manufacturing sectors in Australia demonstrating economic growth,” said Anne Trimmer, MTAA Chief Executive Officer.
The medical technology industry had sales in Australia of more than $7.5 billion in 2009-10 and employed more than 17,500 people. It is strongly research-based with clinical input from healthcare professionals to design and develop products for improved patient benefit. About 54% of all medical technology companies in Australia are located in NSW with approximately 79% of all employees in the industry.
Much of MTAA’s response to the “Wills Review” examines mechanisms to support collaboration with industry and to encourage the translation of excellent research into products that can be brought to the market, both to benefit the NSW health system and its patients and to deliver flow-on economic benefits from the creation of a robust manufacturing sector that exports globally.
NSW to date has missed out on medical device commercialisation opportunities due to insufficient government support. MTAA supports the development of a life science cluster in Sydney,using the existing concentration of medical technology companies, as well as pharmaceutical and biotechnology companies, in North Ryde and Macquarie Park, to make it internationally competitive.
Leveraging the world class research projects at various institutions in NSW and identifying opportunities for commercialisation will encourage a viable and robust medical technology sector.
MTAA believes government should invest in a Medical Device Fund, particularly targeted at small and emerging companies, to ensure research ideas that have potential for rapid health benefits are captured at the critical early commercialisation stage. The fund would operate by linking people, processes and investments, and supporting innovations which respond to priority health needs.
The submission is available from the MTAA website at www.mtaa.org.au