This week’s announcement was widely welcomed by many in the MedTech industry, with leaders signalling that the almost $1.5 billion in new investment to be a clear indication of the Morrison Government’s commitment to ensuring Aussie Manufacturing, particularly MedTech, can continue to be a global leader.
Medical Technology Association of Australia (MTAA) CEO, Ian Burgess, has congratulated the Morrison Government on its policy and called upon the industry to take it up in full.
“More than half of Australian medical device companies have grown from local start-ups, so today’s announcement will make an important impact where it is needed most, shoring up Australia’s MedTech innovators now and into the future,” Mr Burgess said.
The Australian MedTech sector has been steadily growing, and now has over 19,000 people directly employed by the industry – many of these in manufacturing. The MedTech industry is an employer of choice; 78% of employees in the industry have a degree, 25% have a postgraduate degree. Today’s announcement will ensure that employment in the sector continues to grow.
The $107.2 million allocated to the Supply Chain Resilience Initiative will mean industries such as MedTech can continue to ensure all Australians have access to medical devices when they are needed.
“During COVID-19 the Government asked MedTech to supply 7,500 ventilators, the MedTech supply chain worked, and the ventilators and other essential medical equipment were delivered,” Mr Burgess said.
MTAA and its MedTech members have thrown their support behind the measures the Prime Minister has today outlined, which, we believe, will improve Australians access to the best and latest medical technologies they need, and can distribute these to the world.