Medical technologies and pharmaceuticals (MTP) could add $18 billion to the Australian economy and create up to 28,000 new jobs within eight years, according to research.
CSIRO has revealed the Medical Technologies and Pharmaceuticals Roadmap, which sets out a path for how Australia could become an important player in the MTP sector, which is expected to grow to almost $3 trillion globally by 2025.
The roadmap was written in collaboration with industry, government and researchers.
“Our Strategy 2020 sets out a vision to be Australia’s Innovation Catalyst and created our new OneHealth group,” CSIRO’s CEO Dr Larry Marshall said.
“The Medical Technologies and Pharmaceuticals Roadmap is part of that vision and the guidepost that will help the MTP sector to become a key pillar of our economy, creating jobs and growth for Australia.
“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.”
With Australia’s spending on healthcare expected to almost double to 16 per cent 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 Roadmap shows how Australia can use excellent science to effectively navigate the challenges associated with an ageing population, while also capitalising on global opportunities,” Dr Marshall added.