Strong growth in Australia’s medtech, biotech and pharma sectors

MTPConnect has released new sector metrics that show jobs supported by the MTP sector increased by 10 per cent to 62,000 from 2015 to 2016, and that manufacturing exports are up by 30 per cent to $5.2 billion. The data from the Australian Bureau of Statistics (ABS), highlights the progress the local MTP sector has made to maintain and extend its improving standards over the years.

The organisation has released the updated suite of metrics, building on those reported in its Sector Competitiveness Plan, to provide a benchmark for the ongoing measurement and tracking of the performance of the Australian MTP sector. 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. 

Jobs in the MTP sector are at the highest level since 2011, with 62,109 jobs (17,700 industry jobs in medtech, 21,700 industry jobs in pharma, and 22,650 research jobs, with 15,000 of those in MRIs and 7,650 supported by NHMRC grants) supported by the MTP sector in 2016, showing growth of 5,720 industry employees since 2015. Furthermore, manufacturing exports are on the rise, with strong growth reaching $5.2 billion in 2016, following declines between 2012 and 2015. The combined MTP sector is the 10th largest export by value in Australia, maintaining its position in the top ten.