The paper highlights the societal and economic imperative across Australia to address fundamental challenges and enhance innovation in the local healthcare environment, in order to foster and create an ecosystem in which medtech innovation may thrive.
Key themes from the paper send a strong message to policy makers, industry, and the healthcare community of the opportunity to better foster innovation:
- Better investment in deep technology;
- Overcoming fragmentation;
- Time‐to‐market and value capture;
- More multinational ecosystem investment;
- Increase risk tolerance in investment; and,
- Streamline regulatory frameworks and increase enabling policy approaches.
According to Dr Buzz Palmer, Chief Executive Officer of The Actuator, Australia is ripe, ready and needs to get this right;
“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.”
The Medical Technology Association of Australia [MTAA] agree that medtech has the power to significantly benefit our population; “Global advances in medical technology over the past 20 years have resulted in a 56 per cent reduction in hospital stays, 25 per cent decline in disability rates, 16 per cent decline in annual mortality and increased life expectancy of approximately 3.2 years.
“At the heart and soul of the medical devices industry are 19,000 dedicated professionals, committed to making a positive difference to patients’ lives through medical technology allowing them to live or to have a quality of life that they otherwise would not have.” a spokesperson said.
Medtronic’s team represents almost 1,000 of those professionals. They understand the responsibility, and aim to advance innovation in a meaningful way so to ensure every Australian who requires access to therapies receive them.
In the worlds of Medtronic:
Let’s be bold, partner and create meaningful innovation for the people who matter most.
The paper ‘When Australia Innovates, the World of Healthcare Changes’ was launched during a ceremony at NSW Parliament House. Speakers included The Hon Minister Matt Kean MP, co-author Dr Buzz Palmer, and Dr Jason Wenderoth – Interventional Neuroradiologist, Australia. Learn more here: http://medtechactuator.com/.