The Commonwealth Scientific and Industrial Research Organisation’s new medical technologies and pharmaceuticals roadmap sets out a path for how Australia could become an important player in medical technologies and pharmaceuticals, which is expected to grow to almost A$3 trillion (US$2.3 trillion) globally by 2025.
“The symbiosis of digital with physical creates new individualised medtech solutions, from 3D printed replacement body parts to personalised brain cancer treatments, growing this sector will save lives in Australia and around the world,” CSIRO chief executive Larry Marshall said.
With Australia’s spending on healthcare expected to almost double to 16% of GDP by 2040, a renewed focus on the successful translation of excellent science to cheaper and more effective health and medical solutions is a national priority.
“The medical technologies and pharmaceuticals (MTP) roadmap shows how Australia can use excellent science to navigate the challenges associated with an ageing population effectively, while also capitalising on global opportunities,” Marshall said.
The MTP sector is expected to be worth almost A$3 trillion globally by 2025 with a projected annual growth rate of 5.6%.
MTPConnect, the industry innovation growth centre for the sector, has estimated in its sector competitiveness plan that Australia could create an additional 28,000 jobs by 2025 and add an additional A$18 billion to the economy over this period if measures outlined in the CSIRO roadmap were adopted.
The roadmap states that the MTP industry will serve as an important economic driver in the future as the sector grows rapidly across the globe due to ageing populations, unprecedented technological advancements and growing health sectors in the developing world.
It outlines four main areas that Australia could capitalise on, based on global trends and its existing advantages: smart devices, implants and bionics; accelerated pharmaceutical development; manufacturing high-value pharmaceuticals; and diagnostics, informatics products and services.
“Australia is acknowledged as a world leader in the medtech, biotech and pharma sector due to our vibrant research environment,” MTPConnect chief executive Sue MacLeman said.
“It is now time for us to come together as a sector to harness our research capabilities, work to our strengths and produce an internationally renowned commercialisation ecosystem to secure the economic and physical health of our future generations.”