MTPConnect – the Medical Technology, Biotechnology, and Pharmaceutical (MTP) Industry Growth Centre – has released new medtech specific metrics displaying that jobs supported by the medtech sector increased by 59% to 17,700 from 2015 to 2016, and that the sector boasted 1,046 companies in 2016. The new data, sourced by MTPConnect from the Australian Bureau of Statistics (ABS), highlights the progress the local MTP sector has made to maintain and extend its world-class standing in recent years.
MTPConnect has released the updated suite of metrics, building on those reported in its Sector Competiveness Plan, to provide a benchmark for the ongoing measurement and tracking of the performance of the Australian MTP sector, including medtech breakdowns. The Federal Government has identified the MTP sector as one of six priority areas where Australia could lead the world, and MTPConnect exists to help the local sector seize more commercialisation opportunities and accelerate its rate of growth.
Medtech Metrics Snapshot
· 1,046 industry companies in medtech in 2016
· 17,700 medtech industry employees in 2016
· $1.9 billion medtech industry gross value added in 2016
· $1.5 billion medical instruments and appliances exports in 2016
· 159 device clinical trials started in 2015
· 108 medtech patents submitted by sector participants in 2016
Jobs in the Australian medtech sector are at the highest level since 2011, with 17,700 industry jobs supported in 2016, showing growth of 6,600 industry employees since 2015. Medtech industry gross value added has increased steadily to $1.9 billion in 2016 from $1.6 billion in 2010, and device clinical trials were at 159 in 2015, up by 81% from 2010. Furthermore, manufacturing exports are on the rise, with strong growth in medical instruments and appliances reaching $1.5 billion in 2016. The combined MTP sector is the 10th largest export by value in Australia, maintaining its position in the top ten.
Sue MacLeman, Managing Director and CEO of MTPConnect, said the new data demonstrates that the Australian MTP sector is already starting to drive increasing growth in Australia.
“We’re delighted to share new data that reveals the immense positive impact the MTP, and medtech sub-sector specifically, make to Australia’s healthcare and economic future. The broader MTP sector continues to be a significant contributor to the Australian economy, creating new jobs and increasing GVA. This growth is set to continue, especially with steady growth in medical instrument and appliance exports.
“The Medical Research Future Fund and Biomedical Translation Fund will result in significant increases in grants, co-investment funds and capital equity from 2017, with c. $250 million in funds already allocated. Our work on the BioMedTech Horizons fund has clearly demonstrated the immense number of outstanding innovations in the sector, reinforcing the bright future ahead for Australia.
“It is an honour to work with such an important and mobilised sector that has seized opportunities to collaboratively and creatively address national sector gaps and constraints. We look forward to driving further discussion and focus in the sector on priority areas shaping the future in which Australia can excel, such as precision medicine, 3D printing and digital health evolution.”
MTPConnect sits at the nexus of the sector, driving collaboration, acting as an independent voice for change and funding big, bold ideas to accelerate growth and drive greater commercialisation opportunities. The updated metrics build on the significant work that has been undertaken by MTPConnect since 2016.