Minister Butler unveils new report, recognising ‘value’ of medtech and emphasising the impact of House of Reps Inquiry

MedTech & Diagnostics News: A new medtech report was unveiled by The Hon Mark Butler MP, Minister for Health and Aged Care at Parliament House last night. The highly anticipated launch of The Value of Medtech report brought together leaders from the medtech industry, healthcare professionals, patients, and government representatives, including Senator Anne Ruston, Shadow Minister for Health and Aged Care and Dr Mike Freelander MP, Federal Member for Macarthur and Chair of Standing Committee on Health, Aged Care and Sport.

Kicking off the event, Susan Martin, Managing Director of Johnson & Johnson MedTech and Chair of the Medical Technology Association of Australia (MTAA) Board, provided valuable insights into the report. She highlighted the positive impact of the medtech industry on the economy, healthcare system, and, most importantly, patient outcomes.

Minister Butler began his address by acknowledging Eden’s inspiring patient story, and the momentous passing of the Referendum Bill, which paves the way for recognising and empowering the First Nations people by establishing a Voice to Parliament.

Recalling his first-hand encounters with cutting-edge medical technologies at Parliament House, Minister Butler marvelled at the array of stories that showcased the power of medtech to improve lives. From heart pumps inspired by high-speed trains to the innovative rectal spacer for prostate cancer therapy, he expressed his awe at the transformative potential of medical technology.

Addressing the audience, Minister Butler underscored the transformative era of discovery driven by technology, big data, and genomics. He highlighted the pivotal role of the medtech sector in changing people’s lives, emphasising the need to appreciate the immense contributions already made. These contributions include an impressive $5 billion addition to GDP, the creation of 70,000 direct jobs, and tens of thousands of indirect employment opportunities generated within the sector.

Minister Butler shared an impressive statistic that Australian patents in the medtech sector have consistently grown by 7% each year since 2010, now accounting for 6% of global medtech patents. The Minister expressed the government’s commitment to fostering domestic manufacturing within the sector, citing the inclusion of medtech and medicines in the National Reconstruction Fund.

Furthermore, Minister Butler emphasised the government’s focus on rebuilding primary care, and integrating medtech technologies into the public hospital system as part of the midterm review of the National Hospital Funding Agreement. He acknowledged the significance of the House of Representatives inquiry, led by Dr Freelander and Trent Zimmerman, former Liberal MP and Chair of Standing Committee on Health, Aged Care and Sport, and the valuable recommendations it has provided.

Minister Butler stated, “As we redesign our systems of assessment, approval, and reimbursement for health technologies that used to fit quite neatly into either a silo of a medicine, diagnostic, service, or medical technology, but are now hybrid, the House of Reps inquiry that attracted such energy and enthusiasm from the sector is a really important opportunity. We’re looking through those recommendations very closely.”

Regarding the HTA Review, he said “Although medtech is peripherally involved in the HTA Review which is principally focused on medicines, the fact that so many health technologies now are hybrid means that the medtech sector will gain a lot of insights from the Review into how we reform our assessment, approval and reimbursement systems. These will more accurately reflect the enormous distance that the medtech sector and other health technology sectors have travelled since we last did a serious review of our HTA systems,” Minister Butler said.

The launch of The Value of Medtech report, developed by MTAA with support from Pathology Technology Australia and MTPConnect, demonstrated the industry’s potential to revolutionise healthcare and improve the lives of Australians, leaving no doubt about the medtech sector’s role in shaping a future filled with transformative innovations. These innovations will ensure that individuals can lead longer, healthier, and more fulfilling lives.

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