Australia’s Medtech, Biotech and Pharma Sector to Benefit from New Industry Growth Program

09 May 2023

The 2023 Federal Budget includes a welcome commitment to the establishment of a new $392.4 million Industry Growth Program to power development of priority sectors, including medtech, biotech and pharma.

MTPConnect Chair, Hon Jaala Pulford, says the new program, supported by substantial ongoing funding, will help turbocharge the commercialisation journey of medical science start-ups and SMEs.

“We welcome the Australian Government’s commitment to establishing the Industry Growth Program,” Ms Pulford said.

“In a tough budget environment, it’s a welcome commitment to the potential of the MTP sector to deliver new, high paying jobs and economic growth, through the development and commercialisation of new medicines and medical devices.

“Since our establishment eight years ago, we have delivered six funding programs for DISR and the Medical Research Future Fund, injecting $140 million into the sector and contributing to $1.3 billion flowing into Australia’s medical products sector.

“We’ve directly supported 184 commercially-focused projects and worked with countless others across the country to understand their needs, gaps and business aspirations.

“Through our national network of 40 staff, we understand the importance of carefully curated industry connections and on-the-ground insights to support the growth of emerging companies.

“With the right support, they can be part of the pipeline of SMEs that grow into tomorrow’s larger companies playing on the world stage.

“The Industry Growth Program has the potential to work hand-in-glove with the National Reconstruction Fund, providing integrated support throughout a company’s commercial lifecycle.

“MTPConnect looks forward to engaging with government on the design and delivery of the Industry Growth Program and working to ensure its ongoing success,” Ms Pulford said.