Australia is an acknowledged world leader in the Medical Technologies and Pharmaceuticals sector. This is due to its vibrant ecosystem of start-ups, established companies and thriving research environment.
Australia has growth opportunities in regenerative medicine, digital health, smart devices, implants and bionics, precision medicine and high-value pharmaceuticals manufacturing. MTPConnect forges connections between research and industry in these areas to make scientific and technological breakthroughs that are successfully translated and commercialised.
MTPConnect has committed $15.6 million across 36 collaborative projects, engaging over 160 consortium members and leveraging $21.2 million in matched funding from industry. These projects have led to 68 new technologies being invented or progressed, 37 new patents/trademark applications and licenses, 11 new start-up companies and 45 direct jobs being created.
MTPConnect has engaged with 3970 organisations and 14 270 individuals in the sector through activities such as workforce skills and commercialisation training, collaboration events, workshops and trade and investment missions.
By 2025, Australia’s MTP sector has the potential to create an additional 28 000 jobs and an extra $18 billion of cumulativeGross Value Add per year to the economy.
Enhancing collaboration and commercialisation
MTPConnect’s activities and co-funded projects are improving engagement between research and industry to lead to better idea generation and commercialisation.
- MTPConnect supports The Actuator, a national medical technologies accelerator driving development of high-value, niche advanced manufacturing and medical device technologies. The Actuator helps businesses on their commercialisation journey by providing mentoring programs, de-risking early stage ideas, stimulating the start up ecosystem and facilitating industry-stakeholder collaboration. The first cohort of six firms completed the 15-month program with investments of $1.1 million being considered.
- MTPConnect has invested in ANDHealth to help Australian mid-stage digital health companies meet key investor partners and customer requirements around clinical and commercial validation. The inaugural cohort of six companies received a total of $1.84 million of services (cash and in-kind from the partners), allowing the firms to create 23 new jobs and serve 4739 patients.
- The Perth based ‘Centre for Entrepreneurial Research and Innovation’ (CERI) established a national ‘Accelerating Australia’ project to bring people with a passion for entrepreneurship in medicine together to find novel solutions for medical needs and develop them into products. In 2018, 194 individuals developed 19 new products.
Improving skills and capability
The MTP sector faces the ongoing challenge of developing, attracting and retaining talented researchers and staff in enabling disciplines such as bioinformatics, health economics, regulatory affairs and data analytics.
- MTPConnect and QUT’s Bridge Program provided 200 scientists, academics, professionals and entrepreneurs with skills in pharmaceutical commercialisation. Six months later, 38 per cent of participants reported an increase in commercialisation activity. This program has been extended into the BridgeTech Program, where a further 200 participants will develop commercialisation skills in medical technologies.
Taking Australian businesses to the world
To deliver on its goal to make Australia the Asia-Pacific MTP hub, MTPConnect is partnering with Austrade and Australia’s peak industry bodies, such as AusBiotech, to drive international engagement and market access for the MTP sector.
For more information on MTPConnect’s activities visit www.mtpconnect.org.au