Homegrown medtech to expand its footprint

MedTech News: The government will give a multi-million-dollar tax break and infrastructure subsidy to the homegrown medtech to expand and modernise its advanced manufacturing facility in Sydney’s Lane Cove, cementing the facility’s critical role in Cochlear’s global manufacturing network for the next ten years.

Premier Dominic Perrottet said the investment in Cochlear would boost high-skilled advanced manufacturing jobs in NSW.

“Cochlear is a fantastic Australian success story and we are proud to support NSW expansion that will enable improvements to the innovation it delivers across the globe,” Mr Perrottet said.

“The company is a prime example of a thriving, R&D driven business, with more than 95% of its revenue coming through its exports to more than 180 countries.

“Choosing to retain and expand here in NSW is a clear signal of our state strength in the MedTech manufacturing industry and I am delighted that the support will enable the company to build the highly-skilled workforce it needs to meet the global demand for its products.”

Minister for Enterprise, Investment and Trade Stuart Ayres said the Jobs Plus Program support, including payroll tax exemptions, would create 175 jobs by 2024.

“This investment will strengthen NSW’s advanced medical technology manufacturing capability and create ongoing positions, to enable a pipeline of skilled workers,” Mr Ayres said.

“NSW businesses make up almost 55 per cent of Australia’s estimated $6.1 billion medical technology industry and we want to support and accelerate the growth of the sector to create jobs through life-enhancing medical innovations.

“This support will also enhance our local research and development capabilities, with Cochlear investing more than $100 million in Australia every year to better understand and treat hearing loss.”

Cochlear CEO and President Dig Howitt said the Jobs Plus Program played a central role in deciding to revitalise its advanced manufacturing capacity at Lane Cove.

“Cochlear was founded more than 40 years ago and our site at Lane Cove was our first global headquarters and manufacturing facility. With Jobs Plus support, the facility that made our first hearing implants will be making our next generation implants 40 years later,” Mr Howitt said.

“Cochlear is part of a thriving medical technology and hearing health ecosystem in NSW that brings significant economic and health benefits to our community. The Jobs Plus Program is backing a sector that will only grow in value over the coming decade.”