In November of 2015, MTPConnect was established as an independent, not-for-profit organisation to drive connectivity, innovation, productivity and competitiveness in Australia’s medical technology, biotechnology and pharmaceuticals sector.
In 2016, we published a foundation plan with a 10-year view for the sector and MTPConnect; our first Sector Competitiveness Plan (SCP), which was developed with input from hundreds of sector participants. A periodic review and update of the SCP is an important initiative to inform MTPConnect’s ongoing priorities and areas of focus.
So, in 2022 we have refreshed our 2020, 2019, 2018 and 2016 plans, again with extensive input from key sector participants.
The 2022 SCP, prepared in partnership with L.E.K. Consulting, shows growth across all key economic, commercial and R&D metrics, with particular strength in job creation. It also provides a progress report at the halfway point of our 10-year plan.
It shows that between 2016 (when the first 10-year SCP was published) and 2021, Gross Value Added (GVA) has grown steadily at 2 per cent p.a., an additional 13,000 jobs have been created by the sector and the net number of MTP companies in Australia has increased by 100.
The 4 per cent per annum growth rate for MTP sector jobs observed from 2016-21 was higher than overall jobs growth in Australia of 1.2 per cent per annum.
This positive growth trajectory indicates the valuable contribution that the MTP sector makes to the Australian economy, reinforcing how critical it is to continue supporting the science, research, innovation and entrepreneurship that underpins Australia’s medical products sector.
The MTP sector is making steady progress towards the 2025 sector aspiration set out in the 2016 SCP.