Medtech sector welcomes manufacturing investment from Labor Party

MedTech News: Australian Labor party’s leader Anthony Albanese has announced a new $1.5 billion fund to secure Australia’s medical goods supply chains.

The Coalition has overseen the loss of 85,000 manufacturing jobs since it came to office, Labor said, with Australia ranked last among OECD peers for manufacturing self-sufficiency.

MTAA CEO, Ian Burgess, said the medical technology (MedTech) industry was encouraged to learn the Medical Manufacturing Fund (MMF) would work with industry to identify ways that government purchasing strategies can help build local manufacturing capability to create secure well-paid jobs and strengthen Australia’s sovereign capabilities.

“The MedTech industry knows just how important it is to ensure Australia has the advanced manufacturing jobs of the future to support Australians both economically and during times of uncertainty and need – as we saw
during the global pandemic,” Ian Burgess said.

“We support any efforts by a future government, regardless of its political persuasion, that makes Australia an attractive place to invest in innovative and life-saving technologies.

“MTAA looks forward to continuing to be an active partner with government to formulate a positive policy framework that benefits both industry and, importantly, Australian patients who will be the end receivers of cutting-edge medical technologies.”

Shadow minister for Industry and Innovation, Ed Husic, said “Labor wants to back the local know-how that is keen to not just rebuild manufacturing but use our smarts and technology to put our advanced manufacturing potential at the front of the global pack.”

A recent industry report found the MedTech industry could add $18 billion to the Australian economy and around 28,000 new jobs within the next eight years. Unless governments act now, Australia will see these opportunities lost to international competitors and be in the bottom half of all counties when it comes to economic growth over the next decade.

The Medical Manufacturing Fund would be managed by the independent board established under Labor’s proposed National Reconstruction Fund.