MTPConnect's Sector Competitiveness Plan (SCP) was delivered in December 2016. A 10-year strategic plan, the SCP sets out to boost the innovation, productivity and competitiveness of Australia's medical technology, biotechnology, and pharmaceutical (MTP) sector.
By vigorously tackling barriers to success, through traditional and non-traditional means, MTPConnect is charged with driving the sector to new heights in the global market. The plan, created in consultation with input from over 600 sector participants, identifies seven 'Sector Growth Priorities', each addressing specific elements of the MTP value chain. They are:
- Identify and promote Knowledge Priorities focused on current and future market needs
- Create a highly productive commercialisation environment from research to early clinical trials and proof-of-concept
- Transform the SME sub-sector to support the growth of smaller companies into larger, more stable and successful companies
- Strengthen Australia as an attractive clinical trial research destination
- Support the development of digitally enabled MTP solutions: devices and data analytics
- Position Australia as the preferred partner for emerging Asian markets
- Support advanced manufacturing as a part of the broader Australian innovation ecosystem
Australia is an acknowledged world leader in the MTP sector due to its vibrant ecosystem of start-ups and established companies and thriving research environment, however, it has yet to reach its full commercialisation potential. By addressing the key issue of collaboration, along with well-known barriers - including funding, skills, policy and regulatory impediments - the SCP calculates the MTP sector could achieve significant healthcare and economic contributions:
- An additional $3.2 billion in industry Gross Value Added (GVA) per annum, an increase of 75% compared to 2015, resulting in an additional cumulative GVA of $18 billion over the 10-year period of 2015 to 2025
- An additional 28,000 jobs compared to 2015, representing job growth of 60% compared to 2015. 14,000 of these jobs in Universities and MRIs, which reflects the substantial increase in research funding being delivered by the Medical Research Future Fund (MRFF)
For more information download the SCP below.