MTPConnect's Sector Competitiveness Plan (SCP) was delivered in December 2016, which identified a comprehensive 10-year strategic plan 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:
- Identifying and promote Knowledge Priorities focused on current and future market needs
- Creating a highly productive commercialisation environment from research to early clinical trials and proof-of-concept
- Transforming the SME sub-sector to support the growth of smaller companies into larger, more stable and successful companies
- Strengthening Australia as an attractive clinical trial research destination
- Supporting the development of digitally enabled MTP solutions: devices and data analytics
- Positioning Australia as the preferred partner for emerging Asian markets
- Supporting 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, established companies and thriving research environment. However, has yet to reach its full commercialisation potential due to key barriers addressed in the SCP such as funding and regulatory requirements. By accelerating collaboration and addressing funding, skills, policy impediments - the SCP calculates the MTP sector could achieve significant healthcare and economic contributions for Australia.
For more information download the SCP below.