Pictured: Representatives from Asialink Business, Austrade and the National Hospital Surabaya in Indonesia.
International markets can be difficult to access for Australian MTP sector companies, with a number of challenges to entry. As part of the MTPConnect Project Fund Program, an Asialink Business project commenced in 2019 to identify opportunities for Australian companies to access global markets. With the support of Austrade, the project is developing practical and timely industry guides including Frugal Innovation in India, digital health in Indonesia and an assessment of the Asia capability of industry senior executives and board members.
In December 2019, MTPConnect and Asialink Business launched the first of these reports; Frugal Innovation in Medical Devices and Technologies: The India Opportunity. The report highlights the growing opportunities for future-focused Australian medical device and technologies businesses to tap into India’s expanding healthcare sector. The project engaged global leaders in innovation and technology in Asia to understand the emerging opportunities for Australia’s MTP businesses.
The new research identifies three major areas of opportunity for Australian medical device and technology companies in the Indian market. It finds that:
- Australian medtech businesses are well placed to export into India’s expanding private hospital network
- Australian SMEs can adapt their medical device and technology offerings through Indian start-up incubators
- Australian universities and research institutions can partner with Indian organisations to develop and commercialise their technologies.
MTPConnect Managing Director and CEO, Dr Dan Grant, says the research will provide a much-needed roadmap to increase the global competitiveness and capacity of Australia’s medtech industry in taking their ideas and products to the world to address healthcare challenges.
“India is driving unprecedented growth in the global market for medical devices and technologies,” Dr Grant said.
“This new MTPConnect/Asialink Business industry guide helps unpack the opportunities and provides practical guidance for Australian businesses, research organisations and universities developing medical innovations.
Asialink Business CEO Mukund Narayanamurti, said this report will help Australian MTP companies to understand the key trends shaping the sector in Asia, and enable them to more effectively pursue opportunities.
“By 2035, India will be the world’s most populous country and its share of global GDP could be on par with the United States. No other single market offers more growth prospects for Australian industry,” Mr Narayanamurti explained.
“The opportunities for innovative Australian medtech companies and organisations are a prime example of how Australia can leverage its strengths, be future-focused, and respond to India’s growing need for world class services.”
In the final episode of the MTPConnect Podcast for 2019, we captured insights from the launch of the Report in Melbourne, which convened the sector for an important discussion about the India opportunity. Asialink Business CEO Mukund Narayanamurti along with a panel of industry experts shared their experiences of operating in India, what the opportunities are and how to break into this crucial market.
The podcast episode featured comments from:
- Dr Pradeep Philip, Partner at Deloitte Access Economics
- Sabeen Shaikh, Managing Director of Crescent Strategy Consulting
- Associate Professor Ruth Webster, Global Head of Medicine, George Health Technologies at the George Institute for Global Health