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News & Trends - MedTech & Diagnostics

MTAA applauds Budget investment in homegrown innovations

Health Industry Hub | May 15, 2024 |

MedTech & Diagnostics News: The Medical Technology Association of Australia (MTAA) has endorsed the Federal Budget measures for the Medical Science Co-Investment Plan.

Ed Husic MP, Minister for Industry and Science, and Mark Butler MP, Minister for Health and Aged Care, unveiled the Co-Investment Plan in mid-April. This initiative is part of a broader commitment to nurturing homegrown innovations and fostering a robust job market.

Within the Co-Investment Plan, medical science emerges as a focal point, highlighting medical devices, complex therapeutics, digital health, and sustainability as the primary investment opportunities. Its overarching objective is to bolster Australia’s medical science sector by facilitating the commercialisation of cutting-edge health technologies and enhancing the nation’s global competitiveness.

The Budget reflects a tangible commitment to this vision, with provisions totalling $18.8 million allocated to the National One Stop Shop for clinical trials and $1.4 billion earmarked for the Medical Research Future Fund.

Ian Burgess, CEO of MTAA, underscored the significance of these budgetary allocations, stating, “These Budget initiatives provide necessary support to the success of the Co-Investment Plan and other industry development initiatives, including the Industry Growth Program and National Reconstruction Fund (NRF).”

However, amidst the optimism, critics have raised concerns regarding the Plan’s potential limitations. Notably, while substantial investments are directed towards large-scale manufacturing facilities, challenges persist in competing with the lower transportation and labour costs prevalent in other countries.

Mr Burgess further expressed optimism regarding the role of the Co-Investment Plan and the National Reconstruction Fund in attracting investment from angel and venture capital investors, thereby fuelling the growth of medical device commercialization and emerging businesses.

“The Co-Investment Plan recognises the unique operating environment for medical device companies and sets out how government and industry can together leverage Australia’s strong medical device and related health science sectors. The Co-Investment Plan also recognises the importance of collaboration between industry, and government,” he stated.

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