register

News & Trends - MedTech & Diagnostics

Australian manufacturers defy odds, unleash a paradigm-shift for growth

Health Industry Hub | May 19, 2023 |

Australia’s manufacturing sector is set to embark on a journey of expansion in the coming year, defying the odds stacked against it. A new report* has revealed a wave of optimism sweeping through the industry, with a staggering 72% of manufacturers projecting a significant surge in production levels.

What could be driving this newfound confidence? It seems that the industry’s unyielding spirit has been buoyed by an unexpectedly improved financial performance in the past year. The report indicates that 70% of manufacturers reported profit growth over the preceding 12 months – a leap from 52% the previous year. Riding this wave of success, 74% are now setting their sights on even greater profits in the next 12 months.

But it’s not all smooth sailing for these determined manufacturers. The report underscores the multitude of challenges they face on their path to growth. In fact, 75% are bracing for an uphill battle against rising operating costs, while a staggering 92% lament the persistent supply chain issues that threaten to hamper their growth potential. As a result, a concerning 86% admit that their cash flow is being adversely affected.

However, these manufacturers are not backing down in the face of adversity. Instead, they are gearing up for a technological revolution that promises to redefine the industry landscape. The report reveals that a remarkable 87% of manufacturers are preparing to make substantial investments in cutting-edge technology. This figure soars to 99% in regional locations, underscoring the widespread appetite for innovation and growth.

While technology takes centre stage as the top priority for the year ahead, manufacturers are also focusing on streamlining processes to maximise efficiency and productivity, enhancing quality, and expanding their capacity. With process controls leading the way (32%), closely followed by the implementation of cloud-based applications (28%), supply chain optimisation, and improved customer experiences (27%), the manufacturing industry is poised to enter a new era of operations and heightened customer satisfaction.

However, amid this ambitious drive for progress, the report sounds a cautionary note. With increased reliance on technology comes a heightened risk of cyber threats. Alarmingly, only 36% of manufacturers have implemented rigorous access and password policies to safeguard their operations. A mere 25% regularly update their systems and software, while only 27% provide regular training to their teams – a concerning vulnerability in an increasingly digital age.

While resilience and technological prowess are at the forefront of the industry’s transformation, manufacturers are also embracing a vital commitment to sustainability. An impressive 88% recognise sustainable manufacturing as a critical component of their business strategy, with 36 percent considering it an essential pillar. As a result, 78% of manufacturers have set ambitious emissions reduction targets, a significant surge from 45% the previous year. Encouragingly, more than half of the manufacturers surveyed (57%) have already achieved or are well on track to meet their targets.

The report showcases the industry’s growing realisation that sustainability initiatives not only contribute to positive environmental impact but also strengthen business outcomes. From increased competitiveness to enhanced financial performance, manufacturers are actively implementing programs to reduce operational waste, carbon emissions, promote diversity, and improve governance processes. These initiatives not only align with societal expectations but also reinforce the adaptability, resilience and overall performance of manufacturing businesses.

The question now lingers: Will this surge in optimism and transformative measures propel the Australian manufacturing sector to new heights? Only time will tell, but one thing is certain – the stage is set for an enthralling chapter in the nation’s industrial landscape, where resilience, innovation, and sustainability converge to shape a prosperous future for Australian manufacturers.

In reimagining healthcare across the entire patient journey, Health Industry HubTM is the only one-stop-hub bringing the diversity of Pharma, MedTech, Diagnostics & Biotech sectors together to inspire meaningful change.

The content on Health Industry Hub is copyright protected and should only be accessed under individual user licenses. To subscribe, please click here and visit T&Cs here.

*2023 CommBank Manufacturing Insights Report


News & Trends - MedTech & Diagnostics

Aussie medtech forges ahead, making inroads with new technology

Aussie medtech forges ahead, making inroads with new technology

Health Industry Hub | February 23, 2024 |

MedTech & Diagnostics News: Adelaide-based medical technology firm, LBT Innovations has successfully delivered its cutting-edge Automated Plate Assessment System (APAS) […]

More


News & Trends - Pharmaceuticals

Is the imposed PBS funding cap driving the migraine medicines shortage?

Is the imposed PBS funding cap driving the migraine medicines shortage?

Health Industry Hub | February 23, 2024 |

Pharma News: Australia finds itself grappling with an unparalleled shortage of migraine prevention medicines, leaving a significant impact on the […]

More


News & Trends - Pharmaceuticals

MSAC rejects Janssen's CAR T therapy despite clinical superiority, citing need for 'substantial price reduction'

MSAC rejects Janssen’s CAR T therapy despite clinical superiority, citing need for ‘substantial price reduction’

Health Industry Hub | February 23, 2024 |

Pharma News: The Medical Services Advisory Committee (MSAC) has deferred its decision on whether Janssen’s CAR T-cell therapy Carvykti (cilta-cel) […]

More


News & Trends - Pharmaceuticals

Gedeon Richter secures first endometriosis treatment in over a decade, with experts pushing for extension of NAPE

Gedeon Richter secures first endometriosis treatment in over a decade, with experts pushing for extension of NAPE

Health Industry Hub | February 23, 2024 |

Pharma News: The Therapeutic Goods Administration (TGA) has granted approval for the first endometriosis treatment in 13 years. Gedeon Richter […]

More


This content is copyright protected. Please subscribe to gain access.