M2, the new “one stop shop” that CSIRO says will bring the best in knowledge and technology has been created by CSIRO, Monash University and Monash Health Translation Precinct (MHTP).
The creation of M2 is aimed at turning innovative concepts into a reality for Australia’s flourishing medtech industry and benefit millions of patients as a result of the breakthroughs expected.
Last week, Minister for Industry, Innovation and Science Senator Arthur Sinodinos , officially launched the M2 precinct at CSIRO’s new Biomedical Materials Translation Facility (BMTF) in Clayton, Victoria.
“From life-changing cochlear implants, to life-saving vaccines, world-first 3D printed bone and tissue replacements, Australia has an incredible track record when it comes to medical technologies and pharmaceuticals,” Sinodinos said.
“M2 will help to accelerate development of technology like this, not only vital for the improvement of the lives of Australians facing medial challenges, but also leading to job and economic growth for Australia.”
Currently, Australia is home to more than 500 companies working in the Medical Technologies and Pharmaceuticals (MTP) sector. Many of these are small and medium enterprises, which can struggle to make the expensive, time consuming transition from prototype to clinically tested product.
With global populations ageing and emerging markets seeking better health care, there’s huge growth underway in the MTP sector. It’s expected to be worth almost $3 trillion by 2025, while $18 billion and 28,000 new jobs could be added to the Australian economy over the next eight years.
M2 closes this gap for Australian businesses, providing a research ecosystem to transition new discoveries from the bench to prototyping, pre-clinical testing, industry evaluation and commercialisation.
“M2 leverages some of Australia’s best medtech expertise, experience and equipment,” CSIRO Director of Manufacturing Dr Keith McLean said.
“When a company comes to us we can use CSIRO and MHTP facilities to develop and analyse production scale prototypes, whilst the Monash Biomedical Imaging facility can provide advanced pre-clinical and clinical testing and imaging.”